Common use of Cash Payment in Lieu of Vacation Time Off Clause in Contracts

Cash Payment in Lieu of Vacation Time Off. For the purposes of reducing excess vacation accrual, employees may elect to receive compensation (“cash-out”), annually, for a maximum of 40 hours of accrued vacation each year, so long as eighty (80) hours of accrued vacation remain for the benefit of the employee after the cash-out is taken. This election must be made in writing no later than December 31 of the calendar year prior to when the cash-out is scheduled to occur. By way of illustration, employees seeking a cash-out in calendar year 2016 must submit their cash-out election by December 31, 2015. This compensation shall occur on the first full pay period in August following submission of the irrevocable election form (See Attachment D). No exceptions will be made to this policy. If the non-revocable election is not made by December 31, there will be no other opportunity to cash-out vacation accruals until/unless the non-revocable election is made by the employee on or before December 31 of the following year.

Cash Payment in Lieu of Vacation Time Off. For the purposes of reducing excess vacation accrual, employees may elect to receive compensation (“cash-out”), annually, for a maximum of 40 hours of accrued vacation each year, so long as eighty (80) hours two workweeks of accrued vacation remain for the benefit of the employee after the cash-cash- out is taken. This election must be made in writing no later than December 31 of the calendar year prior to when the cash-out is scheduled to occur. By way of illustration, employees seeking a cash-out in calendar year 2016 must submit their cash-out election by December 31, 2015. This compensation shall occur on the first full pay period last payday occurring in August April following submission of the irrevocable election form (See Attachment DH). No exceptions will be made to this policy. If the non-revocable election is not made by December 31, there will be no other opportunity to cash-out vacation accruals until/unless the non-revocable election is made by the employee on or before December 31 of the following year.