CONVERSION OF ACCRUED VACATION PAY. Bargaining unit members, upon retirement, will convert any additional unused accrued vacation into additional Group Health Insurance Credit. The amount to be converted into additional Group Health Insurance Credit shall be determined by multiplying the base rate of the bargaining unit member times the number of days of vacation to be converted. Such product shall be added to the Group Health Insurance Credit. Such sum may be used only to pay group health insurance premiums and is not available for cash distribution.
CONVERSION OF ACCRUED VACATION PAY. At the end of the calendar year after which the probationary period of one year is completed, an employee is eligible to annually convert vacation days to VantageCare. The employee must first carry over 5 days of vacation to use in the following calendar year before they can convert any days, which would otherwise be lost, up to 3 days (Part- time employees may convert a prorated amount). Any vacation hours in the employee=s bank above the carryover and banking hours combined (8 days), will be lost. Upon retirement, the employee or his estate shall have deposited on their behalf in the ICMA VantageCare plan, the value of the employee=s unused vacation hours. The value is determined by multiplying the amount of unused accumulated and accrued vacation as of the date of retirement, disability, or death by the base rate of pay of the retiree or deceased employee. The ICMA VantageCare Plan is available for post-retirement medical expenses including health insurance premium payments, either with the City=s Group Health Insurance or another health insurance plan.
CONVERSION OF ACCRUED VACATION PAY. At the end of the calendar year after which the probationary period of one year is completed, an employee is eligible to convert vacation days to VantageCare. The employee must first carry over 40 hours of vacation to use in the following calendar year before they can convert any hours, which would otherwise be lost, up to 24 hours. The value deposited into VantageCare is determined by multiplying the number of hours of vacation by the base hourly rate of pay (excluding longevity) at the time of conversion. Any vacation hours in the employee=s balance above the carryover and banking hours combined (64 hours), will be lost. Bargaining unit members will, upon retirement in the Wisconsin Retirement System, forced retirement due to disability or death of an employee, convert any additional unused accrued vacation hours, at their base rate excluding longevity, into VantageCare.
