Vacation Accrual Limit and Cash-Out Sample Clauses

Vacation Accrual Limit and Cash-Out a. Vacation time earned during the previous year must be taken before August 20 of the following year or it will be lost.For full-time employees, a maximum of 250 hours of vacation may be carried over from year to year. For part-time employees, a maximum of 150 hours of vacation may be carried over from year to year. For purposes of administering this provision, the year cycle runs from August 21st to August 20th of the following year. When accrued vacation hours reach the cap, new accruals are suspended until total hours are reduced to less than the maximum accrual amount. b. Full-time employees are eligible to cash-out up to forty (40) hours and part-time employees are eligible to cash-out up to twenty (20) hours of accrued vacation each year subject to IRS regulations and College requirements: i. During the previous year, the employee must have used an equivalent amount of vacation time to that being cashed out; and ii. The employee must have accrued at least 200 hours of vacation at the time of cash-out (part-time employees must have accrued at least 125 hours of vacation at the time of cash-out).; iii. The employee must submit the appropriate College form during the month of September each year requesting the cash-out. Vacation that will be lost under this provision may be cashed out if efforts by the employee to schedule the leave have not been successful.