Common use of Personal Leave Program (1992) – Cash Value Clause in Contracts

Personal Leave Program (1992) – Cash Value. A. Personal Leave shall be requested and used by the employee in the same manner as vacation or annual leave. The Personal Leave shall not be cashed out once it has been approved for use. Requests to use Personal Leave must be submitted in accordance with departmental policies on vacation or annual leave. B. At the discretion of the State, all or a portion of unused Personal Leave credits may be cashed out at the employee's salary rate at the time the Personal Leave payment is made. It is understood by both parties that the application of this cash out provision may differ from department to department and from employee to employee. Upon termination from State employment, the employee shall be paid for unused Personal Leave credits in the same manner as vacation or annual leave. Cash out or lump sum payment for any Personal Leave credits shall not be considered as "compensation" for purposes of retirement. C. If funds become available, as determined by the Department of Finance, for the Personal Leave program, departments will offer employee’s the opportunity to cash out accrued personal leave. Upon retirement/separation, the cash value of the employees personal leave balance may be transferred into a State of California, CalHR Deferred Compensation Program as permitted by Federal and State law.

Personal Leave Program (1992) – Cash Value. A. Personal Leave shall be requested and used by the employee in the same manner as vacation or annual leave. The Personal Leave shall not be cashed out once it has been approved for use. Requests to use Personal Leave must be submitted in accordance with departmental policies on vacation or annual leave. B. At the discretion of the State, all or a portion of unused Personal Leave credits may be cashed out at the employee's salary rate at the time the Personal Leave payment is made. It is understood by both parties that the application of this cash out provision may differ from department to department and from employee to employee. Upon termination from State employment, the employee shall be paid for unused Personal Leave credits in the same manner as vacation or annual leave. Cash out or lump sum payment for any Personal Leave credits shall not be considered as "compensation" for purposes of retirement. C. If funds become available, as determined by the Department of Finance, for the Personal Leave program, departments will offer employee’s the opportunity to cash out accrued personal leave. Upon retirement/separation, the cash value of the employees personal leave balance may be transferred into a State of California, CalHR Department of Personnel Administration Deferred Compensation Program as permitted by Federal and State law.