Common use of Vacation Cash Out Clause in Contracts

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. 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 1 and on or about December 31stthe last paycheck in December), as follows: Years of Service Completed Maximum number of total cashable hours Less than 5 years Up to 30 hours 5 years 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 the number of hours, up to the applicable maximum number of hours allowed, that he/she would like to cash out effective July 1st1st . 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 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. 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 1 and on or about December 31stthe last paycheck in December), as follows: Years 0-10 years of Service Completed Maximum number service – cash out up to 48 hours 10-15 years of cashable service – cash out up to 72 hours Less than 5 15+ years Up of service – cash out up to 30 hours 5 or more years Up to 60 84 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 31ston or about July 1st. If the employee fails to make a designation, he/she will not be allowed to cash out any hours at that time time. In order to exercise this option with respect to the end of December 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 the last paycheck in December. 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. Each employee has Employees have 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 1 and on or about December 31stthe last paycheck in December), as follows: Years of Service Completed Maximum number of cashable hours Less than 5 years Up to 30 hours 5 years or more years Up to 60 hours (120 total per year) 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 31ston or about July 1st. If the employee fails to make a designation, he/she will not be allowed to cash out any hours at that time time. In order to exercise this option with respect to the end of December 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 the last paycheck in December. 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. 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 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 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. Each employee has ‌ Employees have 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 1 and on or about December 31stthe last paycheck in December), as follows: Years of Service Completed Maximum number of cashable hours Less than 5 years Up to 30 hours 5 years or more years Up to 60 hours (120 total per year) 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 31ston or about July 1st. If the employee fails to make a designation, he/she will not be allowed to cash out any hours at that time time. In order to exercise this option with respect to the end of December 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 the last paycheck in December. 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.