Vacation Sell-Back Program. On an optional basis employees may elect to sell back a maximum of 120 hours of their accumulated vacation balance. A maximum of three weeks can be sold back at ⅔ of its value in the month of November. Employees who choose this option must maintain a minimum balance of 80 hours of vacation time after November 30.
Vacation Sell-Back Program. In November of each year, an eligible employee may sell back up to 120 hours of their vacation for ⅔ of its value if the employee has more than 80 hours in their vacation bank. After the sell- back process is completed, the eligible employee must have a minimum balance of 80 hours in their vacation bank after November 30th. This sell-back amount will be paid on the first pay date in December. The employee can elect for the payment to be made to the employee 457 deferred compensation account or it may be paid out in the first paycheck in December.
Vacation Sell-Back Program. Employer implemented vacation sell-back program where an employee could sell back to the City up to one-third (1/3) of their accrued vacation leave within a twelve (12) month period (based on a calendar year.)
Vacation Sell-Back Program. In November of each year, an eligible employee may sell back a maximum of 60% of his/her available vacation accrual at ⅔ of its value. This sell-back amount will be paid on the first paycheck in December.
Vacation Sell-Back Program. Any employee under this agreement will have the opportunity, after 5 years of service, to sell vacation time back to the city. For those working 24-hour shifts, the maximum number of hours you can sell back to the city is 72 hours. For those working any other shift, the maximum number of hours you can sell-back to the city is 40 hours. Once an employee has 10 or more years of service, the maximum number of hours they are allowed to sell back will increase to 80 hours for those on 40 hour workweeks and 144 hours for those on 24-hour shifts. Per IRS regulations, anyone wishing to sell time back to the city must elect to do so during open enrollment. Following open enrollment the payment will be processed on your normal payroll check and those hours will be deducted from your vacation bank.
Vacation Sell-Back Program. Employer implemented vacation sell-back program where an employee could sell back to the City up to one-third (1/3) of their accrued vacation leave within a twelve (12) month period (based on a calendar year.) EXAMPLE: A ten year employee accrues 13.67 hours per month at 165 hours per year. 165 hours of vacation leave at 1/3 (.333) would equal 55 hours of vacation time payable to the employee at their current hourly rate.
Vacation Sell-Back Program. Employer implemented vacation sell-back program as follows:
