Common use of Vacation Buyback Option Clause in Contracts

Vacation Buyback Option. Employees are eligible to convert City-provided-vacation leave hours to IRS-reportable compensation each fiscal year. Leave time converted to compensation is not PERSable. When employees convert vacation leave to compensation, a written request must be submitted to the City Manager/Personnel Committee for approval. Approved requests will be forwarded to the Finance Division for conversion of vacation leave to reportable compensation. Only that portion of an employee's accumulated vacation that is in excess of his/her annual accumulation rate can be converted to reportable compensation; provided, however, that the amount of vacation leave that can be converted to reportable compensation shall not exceed the employee's annual accrual rate, up to a maximum of 140 hours.

Vacation Buyback Option. Employees are eligible to convert City-providedprovided vacation-vacation leave hours to IRS-IRS reportable compensation each fiscal year. Leave time converted to compensation is not PERSable. When employees convert vacation leave to compensation, a written request must be submitted to the City Manager/Personnel Committee for approval. Approved requests will be forwarded to the Finance Division for conversion of vacation leave to reportable compensation. Only that portion of an employee's accumulated vacation that is in excess of his/her annual accumulation rate can be converted to reportable compensation; provided, however, that the amount of vacation leave that can be converted to reportable compensation shall not exceed 60 hours annually. Effective July 2016, the employee's annual accrual rate, up amount of vacation leave that can be converted to reportable compensation shall be increased to a maximum of 140 hours80 hours annually.

Vacation Buyback Option. Employees are eligible to convert City-providedprovided vacation-vacation leave hours to IRS-IRS reportable compensation each fiscal year. Leave time converted to compensation is not PERSable. When employees convert vacation leave to compensation, a written request must be submitted to the City Manager/Personnel Committee for approval. Approved requests will be forwarded to the Finance Division for conversion of vacation leave to reportable compensation. Only that portion of an employee's accumulated vacation that is in excess of his/her annual accumulation rate can be converted to reportable compensation; provided, however, that the amount of vacation leave that can be converted to reportable compensation shall not exceed the employee's annual accrual rate, up to a maximum of 140 hours.60 hours annually. ARTICLE 14: LEAVES

Vacation Buyback Option. Employees are eligible to convert City-providedprovided vacation-vacation leave hours to IRS-IRS reportable compensation each fiscal year. Leave time converted to compensation is not PERSable. When employees convert vacation leave to compensation, a written request must be submitted to the City Manager/Personnel Committee for approval. Approved requests will be forwarded to the Finance Division for conversion of vacation leave to reportable compensation. Only that portion of an employee's accumulated vacation that is in excess of his/her annual accumulation rate can be converted to reportable compensation; provided, however, that the amount of vacation leave that can be converted to reportable compensation shall not exceed 40 hours annually. Effective July 2016, the employee's annual accrual rate, up amount of vacation leave that can be converted to reportable compensation shall be increased to a maximum of 140 hours80 hours annually.

Vacation Buyback Option. Employees are eligible to convert City-providedprovided vacation-vacation leave hours to IRS-IRS reportable compensation each fiscal year. Leave time converted to compensation is not PERSable. When employees convert vacation leave to compensation, a written request must be submitted to the City Manager/Personnel Committee for approval. Approved requests will be forwarded to the Finance Division for conversion of vacation leave to reportable compensation. Only that portion of an employee's accumulated vacation that is in excess of his/her annual accumulation rate can be converted to reportable compensation; provided, however, that the amount of vacation leave that can be converted to reportable compensation shall not exceed the employee's annual accrual rate, up to a maximum of 140 hours60 hours annually.