Comprehensive Annual Leave Time Cash Out Sample Clauses

Comprehensive Annual Leave Time Cash Out. ‌ In June, employees may cash out Comprehensive Annual Leave (CAL) time under the following criteria: A. May cash out up to a maximum of 120 hours. B. Must maintain a balance of 120 hours after cash out is taken. C. Must have taken at least 80 hours of CAL time during the fiscal year. The CAL time cash out will be provided by the end of the fiscal year on a separate check. The CAL time cash out pay period will be determined by the City’s Finance Department, in accordance with the ending of the fiscal year. The City Manager in his/her sole discretion may allow an employee to cash out CAL time before the end of the fiscal year if the employee is faced with a financial emergency; however, the employee is still only allowed one cash out per fiscal year as outlined in this section.
Sample 1
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Comprehensive Annual Leave Time Cash Out. In June, employees may cash out Comprehensive Annual Leave (CAL) time under the following criteria: A. May cash out up to a maximum of 120 hours to be taken as taxable wages at the employee’s regular rate of pay without consideration for any other specialty pays (e.g., temporary upgrade) or deposited into a pre- or post-tax 457 account. B. Must maintain a balance of 120 hours after cash out is taken. C. Must have taken at least 80 hours of CAL time during the fiscal year. The CAL time cash out will be provided by the end of the fiscal year. The CAL time cash out pay period will be determined by the City’s Finance Department, in accordance with the ending of the fiscal year. The City Manager in his/her sole discretion may allow an employee to cash out CAL time before the end of the fiscal year if the employee is faced with a financial emergency or to avoid losing CAL accrual when the employee is approaching their CAL accrual maximum and the employee’s Department Director confirms that taking time off is not an option; however, the employee is still only allowed one cash out per fiscal year as outlined in this section.
Sample 1
Comprehensive Annual Leave Time Cash Out. ‌ In June, employees may cash out Comprehensive Annual Leave (CAL) time under the following criteria: A. May cash out up to a maximum of 120 hours to be taken as taxable wages or deposited into a pre- or post-tax 457 account. B. Must maintain a balance of 120 hours after cash out is taken. C. Must have taken at least 80 hours of CAL time during the fiscal year. The CAL time cash out will be provided by the end of the fiscal year. The CAL time cash out pay period will be determined by the City’s Finance Department, in accordance with the ending of the fiscal year. The City Manager in his/her sole discretion may allow an employee to cash out CAL time before the end of the fiscal year if the employee is faced with a financial emergency or to avoid losing CAL accrual when the employee is approaching their CAL accrual maximum and the employee’s Department Director confirms that taking time off is not an option; however, the employee is still only allowed one cash out per fiscal year as outlined in this section.
Sample 1

Related to Comprehensive Annual Leave Time Cash Out

  • Sick Leave Annual Cash Out ‌ Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if: A. Their sick leave balance at the end of the previous calendar year exceeds four hundred and eighty (480) hours; B. The converted sick leave hours do not reduce their previous calendar year sick leave balance below four hundred and eighty (480) hours; and C. They notify their payroll office by January 31st that they would like to convert their sick leave hours earned during the previous calendar year, minus any sick leave hours used during the previous year, to cash. All converted hours will be deducted from the employee’s sick leave balance.

  • Taking annual leave (a) Any employee may take paid annual leave if sufficient annual leave has been credited to that employee and the employer has authorised the leave being taken.

  • Cashing out annual leave The employee may, with the agreement of the employer, request in writing, to cash out up to two weeks of their annual leave during each 12 month period. Annual leave cannot be cashed out in advance of it being credited to the employee. Cashed out annual leave will be paid at the rate of pay that the employee receives at the time when the request is made.

  • Sick Leave Cash Out Eligible employees may elect to receive monetary compensation for accrued sick leave as follows: In January of each year an employee whose sick leave balance at the end of the previous year exceeds four hundred eighty (480) hours may elect to convert the sick leave hours earned in the previous calendar year, minus those hours used during the year, to monetary compensation. No sick leave hours may be converted which would reduce the calendar year end balance below four hundred eighty (480) hours. Monetary compensation shall be paid at the rate of twenty-five percent and shall be based on the employee’s current salary. All converted hours will be deducted from the sick leave balance. Employees who separate from University service due to retirement or death shall be compensated for the unused sick leave accumulation from the date of most recent hire in a leave eligible position with the State of Washington at the rate of 25%. Compensation shall be based upon the employee’s wage at the time of separation. For the purpose of this section, retirement shall not include vested out of service employees who leave funds on deposit with the retirement system. Former eligible employees who are re-employed within three (3) years of their separation from service shall be granted all unused sick leave credits, if any, to which they are entitled at time of separation.

  • Vacation Cash Out In each calendar year, an employee may make a one-time request to cash out and receive payment for up to forty (40) hours of vacation. In order to be eligible to cash out vacation hours, the employee must be a regular status employee and have a remaining vacation balance of sixty (60) hours or more. Vacation leave that has been pre-approved will be considered when the request is made in order to determine if they will maintain the minimum vacation balance requirement.

  • Entitlement to Annual Leave For each year of service with the Employer a full-time or part-time Employee is entitled to four (4) weeks of paid annual leave.

  • Sick Leave Separation Cash Out At the time of retirement from state service or at death, an eligible employee or the employee’s estate will receive cash for their compensable sick leave balance on a one (1) hour for four (4) hours basis. For the purposes of this Section, retirement will not include “vested out of service” employees who leave funds on deposit with the retirement system.

  • Public Holidays falling within Annual Leave (a) If a Public Holiday, as prescribed in this Agreement, falls within an Employee’s annual leave the Public Holiday does not constitute part of the Employee’s annual leave and will be paid as ordinary hours.

  • Base Annual Salary “Base Annual Salary” means the greater of (1) the highest annual rate of base salary in effect for the Executive during the 12 month period immediately prior to a Change in Control or, (2) the annual rate of base salary in effect at the time Notice of Termination is given (or on the date employment is terminated if no Notice of Termination is required).

  • Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.

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