Paid Time Off Buy Back Sample Clauses

Paid Time Off Buy Back. ‌ Employees may cash out accrued paid time off (PTO) of a minimum of 40 hours once per year with the following stipulations: • An IRREVOCABLE request must be completed and submitted during the month of December for cashing out PTO on the last pay period of the following January of the following calendar year. • The irrevocable request may not exceed 280 hours. • Employee must have taken at least 80 hours cumulative Paid Time Off (PTO) between December 1st of the previous year and November 30th of the current year. • Employee must maintain a minimum balance of 80 hours of accrued PTO. • A request to cash out accrued PTO due to reasons of hardship may be made at any time. The hardship request must be approved by the General Manager and is subject to the unforeseeable emergency definitions of the internal revenue code. (Title 26, section 1.409a-3). In the event the IRS changes their regulations pertaining to this policy, the District will meet and confer with the bargaining unit to determine how to manage the impact of the regulatory changes.
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Paid Time Off Buy Back. Once each calendar year, NMC employees with a minimum of one (1) year of continuous employment may elect to sell back to the County up to one hundred and twenty (120) hours of paid time off (“PTO”) if the following condition is met: the employee must have at least forty (40) hours of PTO remaining after the "cash out."
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Paid Time Off Buy Back. Employees with over one (1) year of service may sell back no more than once a quarter, to the County. A total of no more than one hundred (100) hours of paid time off leave shall be cashed out in any single calendar year i f the following condition is met: • The employee must have at least forty (40) hours of paid time off leave remaining after the "cash out".
Sample 1
Paid Time Off Buy Back. Once each calendar year, employees with over one (1) year of serv ice may sell back to the County up to forty (40) hours of their paid time off leave in any calendar year i f the following condition is met: The employee must have at least forty (40) hours of paid time off leave remaining after the "cash our of some of heir paid time off leave.
Sample 1

Related to Paid Time Off Buy Back

  • Paid Time Off (PTO) Executive shall earn and accrue paid-time-off covering vacation and sick time benefits at the rate of twenty (20) days per year for employment periods of up to five years of service. The PTO accrual rate shall automatically increase by five (5) additional days for each additional 5 years of service up to maximum of thirty (30) days per year after 10 years of service. For example, after five years of service, the annual PTO accrual rate shall increase to twenty-five (25) days. Unused PTO shall carry over to the next year, but Executive shall cease accruing further PTO at any time Executive has accrued two times his annual accrual rate. Unused PTO days which are not in excess of two-times the annual accrual rate shall be paid in a cash lump sum payment promptly after Executive’s termination of employment.

  • Paid Time Off The Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off policy for executives, as may be in effect from time to time.

  • Vacation Buy Back Employees shall have the option of requesting pay in lieu of time off up to a maximum of 144 hours of vacation time each year, during each year of the contract in increments of eight (8) hrs. Such requests are subject to the approval of the department head and the availability of funds.

  • Time Off The company recognises that sufficient time off to attend to personal matters and for recreation are important to the employee’s wellbeing, job satisfaction and overall productivity. Accordingly, time off may be taken with the consent of the Company, which shall not be unreasonably withheld. In considering the approval to have time off, the Parties will have regard to the current works programme and the urgency of the reason for time off. In the event that time off is to be taken, it will be the employee’s obligation to advise the Company in advance or as soon as practicable on the day of absence, recognising that unplanned absences can cause costly disruption to programmed works and are a major source of annoyance for the company, other employees and clients. The object of offering flexible working hours is that in return employees will take very seriously their obligation to turn up when they are expected. In view of the disruption caused by unplanned and or notified absenteeism, repeated failure to observe the protocol for time off would constitute misconduct.

  • Sick Leave Buy Back To encourage and reward employees who maintain good job attendance, the parties agree to the following incentive award: Employees who utilize two (2) sick leave days or less each assigned school calendar year and year-round employees who utilize three (3) sick leave days or less during each assigned school calendar year - upon request – shall receive payment for up to eight (8) days of sick leave, provided the employee worked the full assigned calendar year.* The following procedures apply to the payment of sick leave under this section.

  • Compensatory Time Off An employee shall have the option to elect to take compensatory time off in lieu of cash compensation for overtime work. Compensatory time off shall be granted within twelve

  • Applicable Time Off Employees who are granted leave in accordance with this Article shall take time off in the following order:

  • Banked Time Overtime & Time Balancing Overtime is earned when the Company requests an employee to work overtime. Banked straight time is earned when an employee requests approval to work additional hours for the purpose of accruing time for time balancing purposes, there is an operational requirement for the work to be done, and the Manager approves the banked straight time in advance. Employees shall have the choice of having their authorized overtime paid out or accrued as per Articles 21.02 and 21.03 in a renewable time bank, subject to the following conditions:

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