Vacation Conversion to Deferred Compensation Clause Samples
The "Vacation Conversion to Deferred Compensation" clause allows employees to convert unused vacation time into a form of deferred compensation, such as a retirement plan contribution or a future payout. Typically, this clause outlines the process by which accrued but unused vacation days can be calculated and transferred into a designated deferred compensation account, often subject to certain limits or eligibility requirements. Its core practical function is to provide employees with flexibility in how they utilize their earned benefits, while also helping employers manage vacation liabilities and incentivize long-term retention.
Vacation Conversion to Deferred Compensation. Supervisors who are at the maximum of their salary range or who attain the maximum rate of their range no later than June 30 of the fiscal year may convert up to forty (40) hours of vacation leave to deferred compensation. Supervisors must complete the appropriate forms through the employee self-service system no later than June 7 of each year. Supervisors electing to convert vacation leave must have used three (3) hours of vacation in the previous fiscal year for each hour of vacation converted up to forty (40) hours. Supervisors electing the vacation conversion shall not receive the State-paid matching contributions provided in Article 16.
Vacation Conversion to Deferred Compensation. Should the employer choose to offer the option to convert vacation to deferred compensation, contingent upon adequate funding, the option of converting vacation to deferred compensation shall me made to employees covered under this agreement.
Vacation Conversion to Deferred Compensation. Supervisors who are at the maximum of their salary range or who attain the maximum rate of their range no later than June 30 of the fiscal year may convert up to forty (40) hours of vacation leave to deferred compensation. Supervisors must complete the appropriate forms through the employee self-service system no later than June 7 of each year.
Vacation Conversion to Deferred Compensation. Supervisors who are at the 16 maximum of their salary range or who attain the maximum rate of their range no later than 17 June 30 of the fiscal year may convert up to forty (40) hours of vacation leave to deferred 18 compensation. Supervisors must complete the appropriate forms through the employee self‐ 19 service system no later than June 7 of each year. 20 Effective the first full period after July 1, 2022, supervisors not at the maximum of their salary 21 range by June 30 of the fiscal year may convert up to forty (40) hours of vacation leave to 1 deferred compensation. Supervisors must complete the appropriate forms through employee 2 self‐service no later than June 7 of each year. 3 Supervisors electing to convert vacation leave must have used three (3) hours of vacation in the 4 previous fiscal year for each hour of vacation converted up to forty (40) hours. Supervisors 5 electing the vacation conversion shall not receive the State‐paid matching contributions 6 provided in Article 16.
Vacation Conversion to Deferred Compensation. Supervisors who are at the maximum of their salary range or who attain the maximum rate of their range no later than June 30 of the fiscal