Common use of Vacation Cash Out Clause in Contracts

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.

Vacation Cash Out. On one occasion each calendar year until During the expiration term of this contractMOU only, an employee employees who had have 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 in December (i.e., pre-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 Vacation Leave accrual. During the calendar year following the pre-designation, a request no more than three (3) requests may be made to cash out the vacation leave. Such request to cash out, if made, must be leave in a single block of not less than ten eight (10) 8) hours and shall not exceed eighty no more than sixty (8060) hours, . An employee shall be eligible to cash-out vacation leave hours accrued up to the amount preceding pay period in which he/she requested the employee has accrued at the time of the requestcash-out. 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 2017 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 3 the employee can request to cash-out the 8 hours of vacation leave that she had accruedaccrued through pay period 2, 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, if the employee must does not request that the designated number of hours actually be sold back by pay period 25 25, or 26 when applicable, of the calendar year in which the election is effective, or the hours will be automatically converted to cash in the last pay period 26. The vacation leave cash-out shall sunset upon of the expiration of this agreementcalendar year.

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-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.

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 up to sixty (60) hours of accrued vacation leave into a cash payment, at the base 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 MOUleave, an employee must make an irrevocable election (i.e., pre-designation) during the month of December (beginning in December of 20192014), 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 no more than three (3) requests may be made to cash out the vacation leave. Such request to cash out, if made, must be leave in a single block of not less than ten eight (10) 8) hours and shall not exceed eighty no more than sixty (8060) hours, . An employee shall be eligible to cash-out vacation leave hours accrued up to the amount preceding pay period in which he/she requested the employee has accrued at the time of the requestcash-out. 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 2014 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 3 the employee can request to cash-out the 8 hours of vacation leave that she had accruedaccrued through pay period 2, 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, if the employee must does not 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.

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 20192016), 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-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.