Common use of Vacation and CTO Cash Out on Termination Clause in Contracts

Vacation and CTO Cash Out on Termination. Any employee who terminates service with the City shall be entitled to cash payment for all accumulated vacation hours and compensating time off hours (CTO) up to a maximum of 398 hours. Such payment shall be based on the employee's hourly wage at the time of termination. The hourly wage shall be determined by multiplying the employee's monthly salary by 12 and dividing the result by 2080. Termination resulting from the death of an employee shall cause the vacation cash-out to be paid to the estate of the employee.

Vacation and CTO Cash Out on Termination. Any employee who terminates service with the City shall be entitled to cash payment for all accumulated vacation hours and compensating time off hours (CTO) up to a maximum of 398 436 hours. Such payment shall be based on the employee's hourly wage at the time of termination. The hourly wage shall be determined by multiplying the employee's monthly salary by 12 and dividing the result by 2080. Termination resulting from the death of an employee shall cause the vacation cash-out to be paid to the estate of the employee.