Vacation Conversion Clause Samples

Vacation Conversion. An employee is eligible to request a conversion of vacation time to a cash payment in May or November in any fiscal year in accordance with the following:

Vacation Conversion. Payment shall be made in one (1) lump sum subject to the necessary appropriations of City Council. If the individual does not certify an election option, all unused vacation exceeding 2 (two) years at the individual employee’s current vacation schedule shall be paid to the employee on the last pensionable pay of the current year in which it is earned. This conversion shall be at one hundred percent (100%) of the employee’s current hourly rate. All conversions must be submitted no later than the pay period before the requested payout. There will be no conversions from November 1 of the current year through the first pay of the following year, except for the pensionable conversion.

Vacation Conversion. Once each January, employees will be allowed to voluntarily convert up to one hundred sixty (160) hours of accrued vacation to cash, provided they have used at least eighty (80) hours of vacation during the pay periods that fall within the prior calendar year.

Vacation Conversion. All employees will be given the option to cash in up to five (5) vacation days at 100% of their daily rate at the end of each fiscal year. These days must be available in the employee’s vacation bank as of June 30th. Employees shall exercise their option for conversion of vacation days on or before June 30th of each year. Payment will be made on the first pay in August. For 2018 only, all employees will have the option to cash in up to five (5) earned vacation days at 100% of their daily rate in July 2018. Employees will exercise their option by July 15 and payment will be made on the second pay in August.

Vacation Conversion. 1. Employees working an112-hour per pay period schedule are eligible to submit an irrevocable request to elect to convert up to 112 hours of accrued vacation hours for the following calendar year to be deposited into the employee’s individual post-retirement healthcare trust account. Employees working an 80-hour pay period schedule are also eligible to submit an irrevocable request to elect to convert up to 80 hours of accrued vacation hours for the following calendar year to be deposited into the employee’s individual post-retirement healthcare trust account. There shall be no cash option available to the employee for the conversion of unused accrued vacation hours. 2. All employees wishing to convert accrued vacation to fund their post-retirement healthcare trust in the year following the election will complete a form between November 10 and December 10 of each year. Elections will not carry over from one calendar year to the next calendar year. 3. Only vacation hours accrued during the calendar year following the election may be converted. Employees accruing less than the election amount may convert no more than their total vacation accrual in the following calendar year. 4. The employee’s accrued vacation to convert to the healthcare trust will be credited first to the trust account with the employee’s earned vacation leave until the employee’s full election amount is reached. The vacation hours designated to the trust account will not be credited toward the employee’s maximum vacation accrual. During this period of time, no earned vacation leave will be credited to the employee’s vacation time off balance. 5. Conversion of vacation hours elected for the trust will be in the last paycheck in December unless the employee has accrued all the elected vacation hours by June 30, in which case conversion of the elected vacation hours may occur in July at the employee’s request. All vacation hours will be converted in the calendar year in which the vacation hours accrue. If the employee does not accrue all requested vacation hours in the calendar year, the vacation conversion amount will be reduced to the total number of vacation hours the employee actually accrues in the calendar year and the conversion will be made no later than the last pay date in the calendar year. The vacation conversion amount will be based on the employee’s rate of pay at the time of the conversion. 6. An employee who does not elect to designate vacation hours to convert by December 1...

Vacation Conversion. In the event an employee should accrue more than ninety (90) days of sick leave at the end of any calendar year, he/she shall be granted one-half (½) of this excess sick leave accumulation to his/her vacation time available in the following year. For purposes of this computation, one day of vacation time will be added for each two full days of excess sick leave accumulation, i.e. 10 days = 5 days vacation; 13 days = 6 days vacation.

Vacation Conversion. Any employee who has more than four (4) years of service is eligible to convert up to forty (40) hours of vacation time to payment as set forth herein. An employee may submit in writing no later than December 1 of each year a request to sell up to forty (40) hours of vacation. The vacation time cashed in and paid shall be that which is earned during the calendar year under the last in, first out (LIFO) basis. The payment shall be made no later than January 30 of the following year. The Employer shall follow OPERS regulations in the determination as to whether the amount of converted vacation time is earnable salary.

Vacation Conversion. If the Director accrues a balance of more than five weeks from the preceding year(s), the Director may elect to convert up to ten (10) days of their annual vacation to an amount of cash equivalent, calculated on their regular earnings. The Director shall apply for such conversion option in accordance with City procedures, and such amount shall be paid in a manner determined by the City.

Vacation Conversion. Any vacation earned but not used because of the request 5 of the City Safety/Service Director, which amounts to more than Three Hundred (300) Hours, the 6 City shall reimburse the employee a lump sum check at the end of the year for the vacation days 7 earned but not used that year.