Annual Cash Out of Sick Leave. 1. Once annually during the fiscal year, a unit employee shall be granted the option of cashing out the declared accumulated sick leave at their base salary for the next calendar year according to the following schedule:
a. Effective upon the implementation date of this MOU, employees wishing to cash out accrued sick hours may only do so in accordance with the following rules and requirements and per the guidelines set forth by the Internal Revenue Service per Section 451(a) of the Internal Revenue Code and Section 1.451-1(a) of the Income Tax Regulations and Time Limitations.
b. Cash out requests must be made in writing using the form provided by the Human Resources Department and must be received by Human Resources no later than November 30.
c. All cash out request, except upon termination of employment, will apply only to sick hours that will be earned in the calendar year following the year of the request and may not be made with respect to already accrued sick hours.
d. Sick cash outs will be paid out using base salary in the year of the cash out for up to a maximum of ninety six (96) hours accrued in each calendar year. The cash out payment will be made the pay period after the requested number of hours has been accrued. Until the elected number of cash out hours have been accrued and cashed out, any sick taken by the employee will reduce sick hours accrued in prior years.
e. Sick cash out elections are irrevocable.
f. This policy does not allow for any emergency cash outs.
Annual Cash Out of Sick Leave. 1. Once annually during the fiscal year, a unit employee shall be granted the option of cashing out the declared accumulated sick leave at their base salary for the next calendar year according to the following schedule:
a. Effective upon the implementation date of this MOU, employees wishing to cash out accrued sick hours may only do so in accordance with the following rules and requirements and per the guidelines set forth by the Internal Revenue Service per Section 451(a) of the Internal Revenue Code and Section 1.451-1(a) of the Income Tax Regulations and Time Limitations.
b. The employee must have a current balance of at least two hundred forty (240) sick hours before the employee can submit a cash out request.
c. Cash out requests must be made in writing using the form provided by the Human Resources Department and must be received by Human Resources no later than November 30.
d. All cash out request, except upon termination of employment, will apply only to sick hours that will be earned in the calendar year following the year of the request and may not be made with respect to already accrued sick hours.
e. Sick cash outs will be paid out using base salary in the year of the cash out for up to a maximum of one hundred (100) hours in each calendar year. The cash out payment will be made the pay period after the requested number of hours has been accrued. Until the elected number of cash out hours have been accrued and cashed out, any sick taken by the employee will reduce sick hours accrued in prior years.
f. Sick cash out elections are irrevocable.
g. This policy does not allow for any emergency cash outs.
Annual Cash Out of Sick Leave. Once annually during the fiscal year, an employee shall be granted the option of cashing out accumulated sick leave at base salary according to the following schedule:
