Annual Vacation Leave Transfer Clause Samples

Annual Vacation Leave Transfer. The City and the Union agree that an employee in the Defined Class, by written election may convert up to one-hundred twenty (120) hours of accrued vacation one time per year, and the City shall irrevocably transfer the value of the converted vacation leave to the employee’s Trust account on a pre-tax basis subject to the following: a. The value of converted vacation hours shall be based on the employee’s straight time hourly rate of pay in effect at the time of the conversion, and b. To be eligible for vacation leave transfer all fifty-six (56) hour employees must have used a minimum of ninety-six (96) hours of paid vacation in the twelve (12) months preceding the submission of the request and have at least forty (48) hours of vacation after the conversion. c. To be eligible for vacation leave transfer all forty (40) hour employees must have used a minimum of eighty (80) hours of paid vacation in the twelve (12) months preceding the submission of the request and have at least forty (40) hours of vacation after the conversion. d. The employee may elect to apply any portion of the value of the converted vacation leave to a qualifying deferred compensation plan up to allowable IRS limits, and e. The employee may not convert accrued vacation leave more than one time per calendar year, and f. No employee in the Defined Class shall have the option to receive a cash payout for the value of the converted vacation leave in lieu of making contributions to the Trust and/or deferred compensation plan.