Common use of ELIGIBILITY OF LEAVE BALANCE TO DEFERRED COMPENSATION Clause in Contracts

ELIGIBILITY OF LEAVE BALANCE TO DEFERRED COMPENSATION. An employee may elect to defer into their deferred compensation account in the City of Burbank §457 Deferred Compensation Plan the monetary equivalent of their unused Universal Leave, sick, and vacation leave, up to 500 hours each year, during the final three years of employment prior to their retirement. It is the understanding of the parties that the use of sick leave for this purpose will be under the same conditions (paid at 50% of full value and employees must be at least 50 years of age) as when an employee is compensated for unused sick leave upon retirement. This agreement is subject to all limits and regulations governing a §457 plan as enforced by the Internal Revenue Service, including deferral limits and the timing of each deferral election form.

ELIGIBILITY OF LEAVE BALANCE TO DEFERRED COMPENSATION. ‌ An employee may elect to defer into their deferred compensation account in the City of Burbank §457 Deferred Compensation Plan the monetary equivalent of their unused Universal Leave, sick, and vacation leave, up to 500 hours each yearyear at the regular rate of pay, during the final three years of employment prior to their retirement. It is the understanding of the parties that the use of sick leave for this purpose will be under the same conditions (paid at 50% of full value and employees must be at least 50 years of age) as when an employee is compensated for unused sick leave upon retirement. This agreement is subject to all limits and regulations governing a §457 plan as enforced by the Internal Revenue Service, including deferral limits and the timing of each deferral election form.. ARTICLE VII‌ OTHER LEAVES OF ABSENCE‌‌