Common use of Existing Vacation Clause in Contracts

Existing Vacation. Employees with an existing vacation balance as of June 30, 1987, will have the option of charging leave to either the vacation balance or the time management balance. At the time of termination or retirement, any vacation balance will be paid out at the then current salary rate on a one for one (1:1) basis.

Existing Vacation. Employees with an existing vacation balance as of June 30, 1987, will have the option of charging leave to either the vacation balance or the time management balance. At the time of termination or retirement, any vacation balance will shallwill be paid out in cashout at the then current salary rate on a one for one (1:1) basis.

Existing Vacation. All employees' existing vacation accrual as of July 1, 1987 will be preserved in a separate balance. Employees with an existing vacation balance as of June 30, 1987, will have the option of charging leave to either the vacation balance or the time management balance. At Upon the time termination, or in the event of termination or retirementthe death of an employee, any the employee's vacation balance will shall be paid out in cash at the then current salary rate on a one for one (1:1) basisof pay.