Common use of Leave Balances to Deferred Compensation Clause in Contracts

Leave Balances to Deferred Compensation. Effective the first pay period following June 5, 2012, an IBEW member may elect to contribute into their deferred compensation account in the City of Burbank § 457 Deferred Compensation Plan the value of their sick or vacation up to this policy’s limit. This election may be used towards any catch up provision allowable under the employee’s City of Burbank deferred Compensation Plan (i.e. final three years, 50 or older, military leave). It is the understanding that the use of sick leave for this purpose will be under the same conditions as when an employee is compensated for unused sick leave upon separation. An employee may contribute the monetary conversion value of a maximum of 500 hours each eligible year into deferred compensation plan under this provision. There are a number of ways the employee may contribute this amount:  Up to 500 hours of vacation  Up to 1000 hours of sick leave  Or any combination of vacation, or sick leave that does not exceed the annual conversion value of 500 hour cap into an employee’s deferred compensation plan account. This policy is subject to all limits and regulations governing a § 457 plan as enforced by the Internal revenue Service, including deferral limits and timing of deferral election deadlines and forms.

Leave Balances to Deferred Compensation. Effective the first pay period following June 510, 2012, an IBEW Local 18 member may elect to contribute into their deferred compensation account in the City of Burbank § 457 Deferred Compensation Plan the value of their sick or vacation up to this policy’s limit. This election may be used towards any catch up provision allowable under the employee’s City of Burbank deferred Compensation Plan (i.e. final three years, 50 or older, military leave). It is the understanding that the use of sick leave for this purpose will be under the same conditions as when an employee is compensated for unused sick leave upon separation. An employee may contribute the monetary conversion value of a maximum of 500 hours each eligible year into deferred compensation plan under this provision. There are a number of ways the employee may contribute this amount:  Up to 500 hours of vacation or universal leave  Up to 1000 hours of sick leave  Or any combination of vacation, universal, or sick leave that does not exceed the annual conversion value of 500 hour cap into an employee’s deferred compensation plan account. This policy is subject to all limits and regulations governing a § 457 plan as enforced by the Internal revenue Service, including deferral limits and timing of deferral election deadlines and forms.

Leave Balances to Deferred Compensation. Effective the first pay period following June 5, 2012, an IBEW Local 18 member may elect to contribute into their deferred compensation account in the City of Burbank § 457 Deferred Compensation Plan the value of their sick or vacation up to this policy’s limit. This election may be used towards any catch up provision allowable under the employee’s City of Burbank deferred Compensation Plan (i.e. final three years, 50 or older, military leave). It is the understanding that the use of sick leave for this purpose will be under the same conditions as when an employee is compensated for unused sick leave upon separation. An employee may contribute the monetary conversion value of a maximum of 500 hours each eligible year into deferred compensation plan under this provision. There are a number of ways the employee may contribute this amount:  Up to 500 hours of vacation  Up to 1000 hours of sick leave  Or any combination of vacation, or sick leave that does not exceed the annual conversion value of 500 hour cap into an employee’s deferred compensation plan account. This policy is subject to all limits and regulations governing a § 457 plan as enforced by the Internal revenue Service, including deferral limits and timing of deferral election deadlines and forms.

Leave Balances to Deferred Compensation. Effective the first pay period following June 5, 2012, an IBEW member may elect to contribute into their deferred compensation account in the City of Burbank § 457 Deferred 457Deferred Compensation Plan the value of their sick or vacation up to this policy’s limit. This election may be used towards any catch up provision allowable under the employee’s City of Burbank deferred Compensation Plan (i.e. final three years, 50 or older, military leave). It is the understanding that the use of sick leave for this purpose will be under the same conditions as when an employee is isn compensated for unused sick leave upon separation. An employee may contribute the monetary conversion value of a maximum of 500 hours each eligible year into deferred compensation plan under this provision. There are is a number of ways the employee may contribute this amount:  Up to 500 hours of vacation  Up to 1000 hours of sick leave  Or any combination of vacation, or sick leave that does not exceed the annual conversion value of 500 hour cap into an employee’s deferred compensation plan account. This policy is subject to all limits and regulations governing a § 457 plan as enforced by the Internal revenue Service, including deferral limits and timing of deferral election deadlines and forms.