Liquidation Of Unused Vacation Hours Sample Clauses

Liquidation Of Unused Vacation Hours. Effective July 1, 2009 employees who have a vacation balance of at least 75% of their maximum accruable leave may liquidate a portion of their accrued vacation, paid to the employee at the base hourly rate, up to a fiscal year maximum as shown: Years of Continuous Service Amount Per fiscal Year 1 through 10 years 40 hours or 56 for suppression 11 years and after 60 hours or 84 for suppression Employees who wish to liquidate vacation leave must submit a request to Human Resources by the end of the fiscal year quarter listed below: September 30th December 31st March 31st June 30th Requests will be processed for payment on the second pay check of the month following the quarterly deadlines above.
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Liquidation Of Unused Vacation Hours. Internal Revenue Service (IRS) regulations require the City to report and withhold taxes on the value of the paid leave an employee is eligible to sell back. In order to ensure compliance with the IRS requirements and to avoid unanticipated tax consequences: Effective July 1, 2019: On or by the first pay date in December of each calendar year, eligible employees who want to cash out accrued vacation leave in the following calendar year shall make an irrevocable election to cash out vacation leave accrued in the next calendar year, subject to the maximums set Battalion Chiefs 2019-2021 MOU forth in the table below. Payouts will occur on the last pay date in June and the last pay date in December. Employees may specify the number of hours to be paid out in June and the number to be paid out in December (with the total not to exceed the maximums in the chart below). If neither date is selected, the full payout will occur in December. To be eligible for leave cash-out, an employee must have a combined (old and new) vacation leave balance of at least 75% of their maximum accruable vacation leave by the end of the last full pay period in September in the year of election. On or before the last pay date in November, the City will notify employees whether they qualify for cash- out and in what amount. Years of Continuous Service Max Amount per Calendar Year 1 through 10 years 40 hours or 56 for suppression 11 years and after 60 hours or 84 for suppression
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Related to Liquidation Of Unused Vacation Hours

  • Prime Time Vacation Period Subject to the provisions of this article, it is the intent of the parties that no employee will be restricted in the time of year they choose to take their vacation. The Employer will make every effort to allow employees to take their vacation during the period of April 15th to October 15th inclusive, which will be defined as the prime time vacation period.

  • Liquidation of Vacation Leave 31.5.1 Upon application by the employee and at the discretion of the Council, earned but unused vacation leave credits in excess of one hundred twelve decimal five (112.5) hours may be paid at the employee's daily rate of pay in his substantive position unless the employee has been in an acting position for more than six (6) months at the time of the request.

  • Unused Vacation ASF Members may accumulate unused vacation to any amount provided that once during each fiscal year each ASF Member's accumulation must be reduced to two hundred and seventy-five (275) hours or less, unless the President determines that the ASF Member is unable to utilize vacation leave because of the requirements of the individual’s assignment or because of physical incapacity. This reduction must be accomplished on or before last day of the fiscal year. If this reduction is not accomplished on or before the last day of the fiscal year, the ASF Member’s accumulation shall automatically be reduced to two hundred and seventy-five (275) hours effective on the last day of the fiscal year, and the amount of accumulation over two hundred and seventy-five (275) hours will transfer to the ASF Member’s bank of lapsed sick leave (See Article 18, section C, Subd.2). Vacation leave accrued during the pay period that includes the last day of a fiscal year, will be credited to each ASF Member’s balance after deductions are made for vacation used and/or reduced pursuant this Subdivision.

  • Reinstatement of Vacation Days - Sick Leave In the event an employee is sick or injured prior to the commencement of his/her vacation, such employee shall be granted sick leave and the vacation period so displaced shall be added to the vacation period if requested by the employee and by mutual agreement, or shall be reinstated for use at a later date.

  • Earned Vacation Full-time employees, as defined in this article, shall accrue vacation as follows:

  • ANNUAL LEAVE (VACATION) A. Full time employees, except for participants in the Deferred Retirement Option Program, shall be entitled to earn Annual Leave (Vacation) time according to the following schedule: YEARS OF CONSECUTIVE SERVICE COMPLETED: DAYS EARNED PER BI-WEEKLY PERIOD: UP TO AN ANNUAL MAXIMUM OF: less than 5 .38 10 days 5 .57 15 days 10 .65 17 days 13 .77 20 days 20 .80 21 days 21 .84 22 days 22 .88 23 days 23 .92 24 days 24 .96 25 days B. Annual Leave days may be accumulated to a maximum of thirty (30) work days.

  • Vacation Period ‌ The choice of vacation periods shall be granted to employees on the basis of seniority with the Employer except where the period requested would be detrimental to the operation of the Employer.

  • Banked Vacation Once every five years an employee may bank one full year's vacation to be taken in conjunction with the next year's vacation. For the purposes of this clause, all vacation in the second year must be taken concurrently.

  • Paid Vacation Except as otherwise provided in this Article, paid vacation shall be granted no longer than the fiscal year immediately following the fiscal year in which it is earned.

  • Weeks Vacation Subject to Article 17.08 and Article 17.01 (a) (ii), employees shall be entitled to take five (5) weeks vacation leave with pay during the first and subsequent complete fiscal years following the date in which they complete fourteen (14) years of service. Such leave shall be earned at the rate of two and one-twelfth (2 1/12) days for each completed calendar month of service.

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