Common use of Comprehensive Carryover/Pay-Outs Clause in Contracts

Comprehensive Carryover/Pay-Outs. No employee shall be able to carry over a combined total of comprehensive leave of more than eight hundred (800) hours to the following fiscal year unless authorized by the Town Manager. The total comprehensive leave in excess of eight hundred (800) hours shall be deposited into an eligible 457 Plan at the end of each fiscal year at the employee’s current regular rate of pay pursuant to applicable state and federal laws. Employees may request a payout of comprehensive leave twice annually, not to exceed a combined total of 100 hours, once during the second quarter of the calendar year and again during the fourth quarter of the calendar year. All such requests will be processed and pay-outs made in accordance with a schedule established by the Finance Director. Employees will be provided ample advance notification of the schedule. Members requesting a pay-out must retain an accrued comprehensive leave balance of not less than 240 hours. Pay-outs will be made at the employee’s current regular rate of pay. Employees may elect to take their payout as cash or may elect to deposit their payout through payroll into an eligible 457 Plan, or other pre-tax account plan, pursuant to applicable state and federal laws. The Town Manager may authorize pay-outs at other times upon the specific written request of an employee, but only in the event that extraordinary circumstances warrant such consideration.