Common use of Vacation Buyback Clause in Contracts

Vacation Buyback. During the month of December each year, employees will be given the opportunity to make an irrevocable annual election to buy back vacation which will be newly earned during the following calendar year but not used during that year (unused calendar year accrual) as follows: 1. Employees may elect that in the event they have a total of four (4) or more weeks of total accruals at the end of the following calendar year, they will buy-back up to a specified number of days, not to exceed sixty (60) hours of unused calendar year accrual, if any. 2. An employee may elect to deposit the post- tax equivalent value of the unused calendar year accrual that is eligible for buy-back, as provided above, into the employee’s MPPP account, subject to applicable law and the terms of the MPPP. 3. In the event an employee fails to make an election during the election period regarding the following calendar year’s unused accrual or makes an incomplete election, such accruals may be carried-over, subject to the maximum annual vacation carry-over provided in A., above.

Vacation Buyback. During the month of December each year, employees will be given the opportunity to make an irrevocable annual election to buy back vacation which will be newly earned during the following calendar year but not used during that year (unused calendar year accrual) as follows: 1. Employees may elect that in the event they have a total of four (4) or more weeks of total accruals at the end of the following calendar year, they will buy-buy- back up to a specified number of days, not to exceed sixty (60) hours of unused calendar year accrual, if any. 2. An employee may elect to deposit the post- tax equivalent value of the unused calendar year accrual that is eligible for buy-back, as provided above, into the employee’s MPPP account, subject to applicable law and the terms of the MPPP. 3. In the event an employee fails to make an election during the election period regarding the following calendar year’s unused accrual or makes an incomplete election, such accruals may be carried-over, subject to the maximum annual vacation carry-over provided in A., above. When an employee takes vacation, his/her current calendar year vacation accrual will be charged only after he/she has exhausted vacation accrued prior to the current calendar year.