Common use of Cash Out Clause in Contracts

Cash Out. As used herein, the term “cash out” refers to the process by which accrued CTO is debited from a sworn employee’s CTO time banks, and paid to the sworn employee in a payroll check, or to the employee’s City of Los Angeles Deferred Compensation Plan account in accordance with the processes for employee contributions already established by the Deferred Compensation Plan Board and in accordance with Internal Revenue Code requirements.

Cash Out. As used herein, the term “cash out” refers to the process by which accrued CTO is debited from a sworn employee’s CTO time banks, and paid to the sworn employee in a payroll check, or to the employee’s City of Los Angeles Deferred Compensation Plan account in accordance with the processes for employee contributions already established by the Deferred Compensation Plan Board and in accordance with Internal Revenue Code requirements.

Cash Out. As used herein, the term “"cash out” refers to the process by which accrued CTO is debited from a sworn employee’s CTO time banks, and paid to the sworn employee in a payroll check, or to the employee’s City of Los Angeles Deferred Compensation Plan account in accordance with the processes for employee contributions already established by the Deferred Compensation Plan Board and in accordance with Internal Revenue Code requirements.