Compensated Absences. The Systems policy is to record the cost of annual leave when earned. Employees earn annual leave at varying rates depending upon years of service and the leave plan in which they participate. Paid Time Off Plan The paid time off (PTO) program combines the various leave types that employees may earn into one earning rate that varies depending upon years of service. The policy does not provide for a maximum accumulation of unused PTO. Upon termination of employment, employees are paid for their current balance in PTO at a prorated amount based upon their position. The PTO program also has a bi-annual PTO cash-in option with payouts in May and November. This PTO cash-in option allows employees to cash in any and all portions of earned PTO, provided they maintain a minimum balance of 80 hours. PTO is cashed in at a prorated value of 80% for non-management staff and 50% for management staff.
Compensated Absences. The Department permits employees to accumulate earned but unused vacation up to a certain amount depending on bargaining units. Sick leave credit is vested in varying amounts depending on bargaining units and groups. Both are accrued when incurred in the government-wide financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements.
Compensated Absences. 10.1: It is understood between the parties hereto that sick days accrued prior to ratification of this agreement shall be referred to as "banked sick time." The accrual of banked sick time shall be frozen as of the month in which this agreement is ratified. Fifty percent (50%) of accumulated banked sick leave shall be paid in the case of retirement or payment to beneficiaries in the event of death. If the officer leaves the employment of the Township for any reason provided, however, that the officer has at least five (5) years with the department.
Compensated Absences
