Vacation Cash Out Sample Clauses

Vacation Cash Out. In each calendar year, an employee may make a one-time request to cash out and receive payment for up to forty (40) hours of vacation. In order to be eligible to cash out vacation hours, the employee must be a regular status employee and have a remaining vacation balance of sixty (60) hours or more. Vacation leave that has been pre-approved will be considered when the request is made in order to determine if they will maintain the minimum vacation balance requirement.
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Vacation Cash Out. Pursuant to Internal Revenue Service Rules and Regulations, employees may annually, with the approval of the County Administrator, cash-out, up to forty (40) hours of vacation. In order to convert such vacation to cash, the employee must, during Open Enrollment of the payroll year PRIOR to cash out, submit to the EMPLOYER on- line, the specific number of vacation hours requested for cash out. The EMPLOYER shall convert such vacation to cash at a designated time during the payroll year following receipt of the irrevocable election. At the employee’s option, he/she may deposit all or part of this cash into a deferred compensation account. ARTICLE 11B – PAID TIME OFF (PTO)
Vacation Cash Out. An employee may cash out his or her accrued vacation hours not to exceed eighty (80) hours or the number of hours equal to 75% of his/her vacation annual accrual rate whichever is greater. The cash out must be in accordance with District policy.
Vacation Cash Out. Effective July 1, 2014, employees will be paid out at the end of each school year for any accrued vacation in excess of one hundred and ninety two (192) hours. However, the cash payout for vacation will be limited to forty (40) hours in a single year. Vacation balances will be determined on March 1st each year. This payment will be automatically made no later than June 30th each year.
Vacation Cash Out. Upon termination of employment the District shall allow the employee or, in the case of the employee’s death, his/her estate, to elect to be paid for accumulated vacation in an amount not to exceed thirty (30) days, or such lesser amount as may be necessary so that the District avoids any attendant financial penalty or other legal constraints, provided that an employee who terminates employment with the District is entitled to paid vacation. Cash out of accumulated annual leave will be at the rate of 1/223rd of the employee’s annual salary. Every employee shall make arrangements to use excess accumulated leave before the employee’s termination date. Any accrued vacation in excess of 30 days will be lost; the District will not allow the employee to extend the resignation date to access unused vacation.
Vacation Cash Out. Each employee has the option to cash out accrued vacation leave based upon the years of service completed at the time of the exercise of the option on two occasions each calendar year (on or about July 1st and on or about December 31st), as follows: Years of Service Completed Maximum number of cashable hours Less than 5 years Up to 30 hours 5 or more years Up to 60 hours In order to exercise this option with respect to the July 1st cash-out, an employee must, before the end of the preceding calendar year, designate up to the applicable maximum number of hours allowed, that he/she would like to cash out effective July 1st. If the employee fails to make a designation, he/she will not be allowed to cash out any hours at that time. In order to exercise this option with respect to the December 31st cash-out, an employee must, before the end of the preceding calendar year, designate the number of hours, up to the applicable maximum number of hours allowed, that he/she would like to cash out effective December 31st. If the employee fails to make a designation, he/she will not be allowed to cash out any hours at that time Once an employee has elected to participate in the Vacation Cash-Out Program, the total number of hours designated for cash-out will be automatically processed and paid. If an employee has a lower balance of vacation leave than elected vacation hours, only available vacation hours at the time of cash-out will be processed. For employees who elect to cash out vacation hours as specified above, those hours will be paid to the employee at the end of the fiscal year at the same time as the Sick Leave Buy Back Program.
Vacation Cash Out. On one occasion each calendar year until the expiration of this contract, an employee who had used eighty (80) or more hours of vacation leave during the preceding calendar year may elect to convert into a cash payment, at the rate of pay in effect at the time of the cash-out, up to eighty (80) hours of accrued vacation leave. In order to sell back vacation leave during the term of this MOU, an employee must make an irrevocable election (i.e., pre-designation) during the month of December (beginning in December of 2019), specifying the number of hours to be sold back from the next calendar year’s vacation leave accrual. During the calendar year following the pre-designation, a request may be made to cash out the vacation leave. Such request to cash out, if made, must be in a single block of not less than ten (10) hours and shall not exceed eighty (80) hours, up to the amount the employee has accrued at the time of the request. For example, an employee who requests a cash-out in pay period 15 can only cash-out the vacation leave accrued through pay period 14. The number of hours requested for cash-out shall not exceed an amount equal to or less than the amount accrued. For example, an employee in December 2016 makes a pre-designation to cash-out 25 hours. The employee accrues 4.61 hours of vacation leave per pay period. At the end of pay period 2 the employee can request to cash-out the 8 hours of vacation leave that she had accrued, but is not yet eligible to cash-out the entire 25 pre-designated hours because the employee has yet to accrue 25 hours of vacation leave. Once an election is made, the employee must request that the designated number of hours actually be sold back by pay period 25 of the calendar year in which the election is effective, or the hours will be automatically converted to cash in pay period 26. The vacation leave cash-out shall sunset upon the expiration of this agreement.
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Vacation Cash Out. AFSCME Unit 4 employees who are represented by Local 3260 may request to cash out up to 40 hours of their accumulated vacation time each fiscal year. Denials of requests will not be grounds for a grievance.
Vacation Cash Out. Vacation time is intended to be utilized by employees for the purposes of rest and relaxation. Hours in excess of the annual carry-over amount listed in the table above will be cashed out on the employee’s anniversary. Employees who terminate their employment shall be paid for all unused, accrued vacation. Such cash out shall be made by the Employer at the time of the employee’s final pay period and paycheck.
Vacation Cash Out. Under this provision, regular, full-time employees will be allowed to cash-out unused vacation time they have accrued. The maximum amount of vacation that can be cashed-out in any calendar year is forty (40) hours. In order to receive payment for vacation time pursuant to this section, an employee must make an irrevocable election for vacation cash out by December 15 of the prior calendar year, and must have a minimum of forty (40) hours of vacation remaining on the books after the pay-out is made. Requests for vacation cash-out must be made in writing on the Irrevocable Vacation Cash Out Election Form provided by the District. The Election is irrevocable and may not be changed. Vacation payout will be made by the District in July of the calendar year following submission of the form. No other payments will be made for this program. No other form of leave time will be eligible for inclusion in this program.
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