Common use of Annual Conversion of Personal Leave Clause in Contracts

Annual Conversion of Personal Leave. A) Each July employees may elect to receive monetary compensation for unused accumulated personal leave, provided, that the employee has at least two (2) days of accumulated leave on record as of June 30 and that the employee provides written notice to the Payroll Office by June 30 of his or her intent to convert his or her accumulated personal leave to monetary compensation; B) For eligible employees electing monetary compensation, the personal leave balance as of June 30 or a lesser amount of the balance if indicated by the employee shall be converted to monetary compensation at the amount of twenty-five percent (25%) of the employee’s current rate of compensation; C) For purposes of conversion, the rate of compensation is exclusive of supplemental pay such as overtime pay, standby pay, and premium pay, and exclusive of benefits such as health insurance premiums and other forms of insurance premiums; D) All personal leave converted to monetary compensation pursuant to this procedure shall be deducted from an employee’s accumulated personal leave balance; E) TRS Plan I members are not eligible for personal leave monetary compensation for personal leave earned during the last years of service. If an employee retiring under Plan I receives personal leave monetary compensation for personal leave earned during the last years of service used to calculate retirement, the district shall deduct the amount from the employee’s final warrant.

Annual Conversion of Personal Leave. A) Each July employees may elect to receive monetary compensation for unused accumulated personal leave, provided, that the employee has at least two (2) days of accumulated leave on record as of June 30 and that the employee provides written notice to the Payroll Office by June 30 of his or her intent to convert his or her accumulated personal leave to monetary compensation; B) For eligible employees electing monetary compensation, the personal leave balance as of June 30 or a lesser amount of the balance if indicated by the employee shall be converted to monetary compensation at the amount of twenty-twenty- five percent (25%) of the employee’s current rate of compensation; C) For purposes of conversion, the rate of compensation is exclusive of supplemental pay such as overtime pay, standby pay, and premium pay, and exclusive of benefits such as health insurance premiums and other forms of insurance premiums; D) All personal leave converted to monetary compensation pursuant to this procedure shall be deducted from an employee’s accumulated personal leave balance; E) TRS Plan I members are not eligible for personal leave monetary compensation for personal leave earned during the last years of service. If an employee retiring under Plan I receives personal leave monetary compensation for personal leave earned during the last years of service used to calculate retirement, the district shall deduct the amount from the employee’s final warrant.

Annual Conversion of Personal Leave. A) Each July employees may elect to receive monetary compensation for unused accumulated personal leave, provided, that the employee has at least two (2) days of accumulated leave on record as of June 30 and that the employee provides written notice to the Payroll Office by June 30 of his or her intent to convert his or her accumulated personal leave to monetary compensation; B) For eligible employees electing monetary compensation, the personal leave balance as of June 30 or a lesser amount of the balance if indicated by the employee shall be converted to monetary compensation at the amount of twenty-five percent (25%) of the employee’s current rate of compensation; CI) For purposes of conversion, the rate of compensation is exclusive of supplemental pay such as overtime pay, standby pay, and premium pay, and exclusive of benefits such as health insurance premiums and other forms of insurance premiums; DC) All personal leave converted to monetary compensation pursuant to this procedure shall be deducted from an employee’s accumulated personal leave balance; ED) TRS Plan I members are not eligible for personal leave monetary compensation for personal leave earned during the last years of service. If an employee retiring under Plan I receives personal leave monetary compensation for personal leave earned during the last years of service used to calculate retirement, the district shall deduct the amount from the employee’s final warrant.