Sick leave and Vacation Conversion procedure Sample Clauses

Sick leave and Vacation Conversion procedure. CCFD employees have the opportunity to roll over accrued sick leave and vacation into their existing 457 account each year. These rollovers are counted toward the annual 457 limit, as set by the IRS annually. (Over 50 catch-up and other additional contribution amounts are not eligible for this program.) For example, in 2013, the maximum amount an employee can contribute to their 457 account is $17,500. Any conversion of accrued sick or vacation leave is counted toward that maximum; if an employee requests to roll over more than the annual 457 cap, only the amount up to the cap will be converted. Annual conversion amount = maximum 300 hours. Maximum lifetime amount = maximum 600 hours. Each hour the employee converts is deducted from the total amount of sick leave payout upon retirement. Therefore, if over the course of an employee’s employment he converts 600 hours of sick leave into the 457 plan, that employee is not eligible to be paid out for any sick leave upon retirement. Only accrued leave is eligible for conversion. The employee must have a remaining bank of 240 hours after the conversion, in order to be eligible to participate. If the employee is retiring within the upcoming fiscal year, the 300 hour annual cap does not apply. Request for this conversion must still be submitted by March 1. If the request is not submitted by this date and the employee retires within the upcoming fiscal year, the option to convert to the 457 plan is not available. If an employee separates employment from CCFD prior to retirement and has participated in the Leave Conversion program, a number of hours equal to the dollar amount that was originally converted to the 457 will be deducted from the employee’s accrued vacation leave bank. If the employee does not have enough hours in the accrued bank to cover the deduction, the employee agrees to reimburse the department the remaining balance. Only accrued leave is eligible for conversion. 1. Request must be submitted to HR by March 1 of each year. 2. Approved conversions will take place in July of that same year. 3. Employee’s leave banks will be reduced by the amount converted to the 457 plan.