Common use of Lump Sum Leave Cash Out Upon Separation Clause in Contracts

Lump Sum Leave Cash Out Upon Separation. A. Effective October 31, 2002, to the extent permitted by federal and state law, employees who separate from State service who are otherwise eligible to cash out their leave balances, may ask the State to transfer a designated amount from their cash payment into their existing 457(b) and/or 401(k) plan offered through the State’s Savings Plus Program (SPP).

Lump Sum Leave Cash Out Upon Separation. A. Effective October 31, 2002, to To the extent permitted by federal and state law, employees who separate from State service who are otherwise eligible to cash out their leave balancesbalance, may ask the State to transfer a designated monthly amount from their cash payment into their existing 457(bIRC 457 (b) and/or 401(kIRC 401 (k) plan offered through the State’s Savings Plus Program (SPP).