Common use of Using Leave to Fund Deferred Compensation Clause in Contracts

Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. An employee who is within 3 years of normal retirement under the Police and Fire Pension Plan (PFPP), and who wishes to sell back personal leave must notify the City, in writing, of his/her intent to sell back personal leave, no more than three years prior to the date that the employee is eligible for normal retirement. B. The notice of intent to sell back personal leave becomes irrevocable once the employee makes such election. C. When an employee elects to sell back personal leave, the City will compensate the employee for up to one-third of the total amount of accrued leave in the employee’s personal leave and retirement accounts during each of the three years prior to the date of the employee’s eligibility for normal retirement. Each year, the employee will be compensated on an hour-for-hour basis for one third of the hours that were in the account(s) at the time the election was made. Leave will be depleted in three equal annual installments during the three-year period prior to normal retirement eligibility. Payments will be made on an hour-for-hour basis at the employee’s regular rate of pay at the time the payments are made. An employee’s contribution to all deferred compensation accounts shall be limited by applicable IRS regulations. D. Periods of employee election, and payment dates shall be established by the City of Jacksonville in accordance with IRS regulations. Any leave remaining in an employee’s personal leave and/or retirement account will be paid to the employee in a lump sum at retirement. E. This option is not available to an employee who would have fewer than eighty (80) hours personal leave remaining after the sell back.

Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. An employee who is within 3 years of normal retirement under the Police and Fire Pension Plan (PFPP), ,) and who wishes to sell back personal leave must notify the City, in writing, of his/her intent to sell back personal leave, no more than three years prior to the date that the employee is eligible for normal retirement. B. The notice of intent to sell back personal leave becomes irrevocable once the employee makes such election. C. When an employee elects to sell back personal leave, the City will compensate the employee for up to one-third of the total amount of accrued leave in the employee’s personal leave and retirement accounts during each of the three years prior to the date of the employee’s eligibility for normal retirement. Each year, the employee will be compensated on an hour-for-hour basis for one third of the hours that were in the account(s) at the time the election was made. Leave will be depleted in three equal annual installments during the three-year period prior to normal retirement eligibility. Payments will be made on an hour-for-hour basis at the employee’s regular rate of pay at the time the payments are made. An employee’s contribution to all deferred compensation accounts shall be limited by applicable IRS regulations. D. Periods of employee election, and payment dates shall be established by the City of Jacksonville in accordance with IRS regulations. Any leave remaining in an employee’s personal leave and/or retirement account will be paid to the employee in a lump sum at retirement. E. This option is not available to an employee who would have fewer than eighty (80) hours personal leave remaining after the sell back.

Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. An employee who is within 3 years of normal retirement under or the Police and Fire Pension Plan (PFPP), last 3 years of the DROP and who wishes to sell back personal leave must notify the City, in writing, of his/her intent to sell back personal leave, no more than three years prior to the date that the employee is eligible for normal retirement. B. The notice of intent to sell back personal leave becomes irrevocable once the employee makes such election. C. When an employee elects to sell back personal leave, the City will compensate the employee for up to one-third of the total amount of accrued leave in the employee’s personal leave and retirement accounts during each of the three years prior to the date of the employee’s eligibility for normal retirement. Each year, the employee will be compensated on an hour-for-hour basis for one third of the hours that were in the account(s) at the time the election was made. Leave will be depleted in three equal annual installments during the three-year period prior to normal retirement eligibility. Payments will be made on an hour-for-hour basis at the employee’s regular rate of pay at the time the payments are made. An employee’s contribution to all deferred compensation accounts shall be limited by applicable IRS regulations. D. Periods of employee election, and payment dates shall be established by the City of Jacksonville in accordance with IRS regulations. Any leave remaining in an employee’s personal leave and/or retirement account will be paid to the employee in a lump sum at retirement. E. This option is not available to an employee who would have fewer than eighty (80) hours personal leave remaining after the sell back.

Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. An employee who is within 3 years of normal retirement under the Police and Fire Pension Plan (PFPP), and who wishes to sell back personal leave must notify the City, in writing, of his/her intent to sell back personal leave, no more than three years prior to the date that the employee is eligible for normal retirement. B. The notice of intent to sell back personal leave becomes irrevocable once the employee makes such election. C. When an employee elects to sell back personal leave, the City will compensate the employee for up to one-third of the total amount of accrued leave in the employee’s personal leave and retirement accounts during each of the three years prior to the date of the employee’s eligibility for normal retirement. Each year, the employee will be compensated on an hour-for-hour basis for one third of the hours that were in the account(s) at the time the election was made. Leave will be depleted in three equal annual installments during the three-year period prior to normal retirement eligibility. Payments will be made on an hour-for-hour basis at the employee’s regular rate of pay at the time the payments are made. An employee’s contribution to all deferred compensation accounts shall be limited by applicable IRS regulations. D. Periods of employee election, and payment dates shall be established by the City of Jacksonville in accordance with IRS regulations. Any leave remaining in an employee’s personal leave and/or retirement account will be paid to the employee in a lump sum at retirement. E. This option is not available to an employee who would have fewer than eighty (80) hours personal leave remaining after the sell back.

Using Leave to Fund Deferred Compensation. The Employer will provide employees eligible to retire the option to use leave time to fund their Deferred Compensation Program pursuant to the terms of this article and Internal Revenue Service (IRS) regulations in the following manner: A. An employee who is within 3 years of normal retirement under or the Police and Fire Pension Plan (PFPP), last 3 years of the DROP and who wishes to sell back personal leave must notify the City, in writing, of his/her intent to sell back personal leave, no more than three years prior to the date that the employee is eligible for normal retirement. B. The notice of intent to sell back personal leave becomes irrevocable once the employee makes such election. C. When an employee elects to sell back personal leave, the City will compensate the employee for up to one-third of the total amount of accrued leave in the employee’s personal leave and retirement accounts during each of the three years prior to the date of the employee’s eligibility for normal retirement. Each year, the employee will be compensated on an hour-for-hour basis for one third of the hours that were in the account(s) at the time the election was made. Leave will be depleted in three equal annual installments during the three-year period prior to normal retirement eligibility. eligibility Payments will be made on an hour-for-hour basis at the employee’s regular rate of pay at the time the payments are made. An employee’s contribution to all deferred compensation accounts shall be limited by applicable IRS regulations. D. Periods of employee election, and payment dates shall be established by the City of Jacksonville in accordance with IRS regulations. Any leave remaining in an employee’s personal leave and/or retirement account will be paid to the employee in a lump sum at retirement. E. This option is not available to an employee who would have fewer than eighty (80) hours personal leave remaining after the sell back.