Common use of Vacation Buyback Clause in Contracts

Vacation Buyback. Employees may receive vacation pay in lieu of paid time off. Buyback shall only be made at the request of the employee and upon the approval of the City Manager. Approvals will be granted if it is determined that “buyback” will result in increased cost-effectiveness and efficiency to the City as determined by the City Manager. Employees are only eligible for one such approval in a twelve (12) month period and only one (1) buyback per fiscal year. Each vacation buyback shall be limited to a maximum of eighty (80) hours and will be at the employee’s regular rate of pay. Vacation hours bought back shall be paid at the employee’s normal hourly rate of pay at the time of the buyback, excluding any enhancements such as out of class pay. The City Manager may authorize buyback in excess of the eighty (80) hour limit in urgent and/or emergency situations. Effective July 1, 2014 the total City-wide allocation for the buyback program will be $160,000 per fiscal year. The City shall establish an annual window period for the receipt of vacation buyback requests (November 1 – 21). At the conclusion of the window period, the City will tabulate the total dollar value of the buyback requests. If the total dollar value is less than or equal to $160,000 employee will receive, upon the City Manager’s approval, payment as noted above. If the total dollar value of the requests exceeds $160,000, request hours will be pro-rated and employees paid accordingly. (Payment shall be made with the first paycheck of December.) Should this occur, employee will be credited with vacation hours in excess of those hours determined eligible for the buyback program.

Vacation Buyback. Employees may receive vacation pay in lieu of paid time off. Buyback Xxxxxxx shall only be made at the request of the employee and upon the approval of the City Manager. Approvals will be granted if it is determined that “buyback” will result in increased cost-effectiveness and efficiency to the City as determined by the City Manager. Employees are only eligible for one such approval in a twelve (12) month period and only one (1) buyback per fiscal year. Each vacation buyback shall be limited to a maximum of eighty (80) hours and will be at the employee’s regular rate of pay. Vacation hours bought back shall be paid at the employee’s normal hourly rate of pay at the time of the buyback, excluding any enhancements such as out of class pay. The City Manager may authorize buyback in excess of the eighty (80) hour limit in urgent and/or emergency situations. Effective July 1, 2014 the total City-wide allocation for the buyback program will be $160,000 per fiscal year. The City shall establish an annual window period for the receipt of vacation buyback requests (November 1 – 21). At the conclusion of the window period, the City will tabulate the total dollar value of the buyback requests. If the total dollar value is less than or equal to $160,000 employee will receive, upon the City Manager’s approval, payment as noted above. If the total dollar value of the requests exceeds $160,000, request hours will be pro-rated and employees paid accordingly. (Payment shall be made with the first paycheck of December.) Should this occur, employee will be credited with vacation hours in excess of those hours determined eligible for the buyback program.

Vacation Buyback. Employees may receive vacation pay in lieu of paid time off. Buyback shall only be made at the request of the employee and upon the approval of the City Manager. Approvals will be granted if it is determined that “buyback” will result in increased cost-effectiveness and efficiency to the City as determined by the City Manager. Employees are only eligible for one such approval in a twelve (12) month period and only one (1) buyback per fiscal year. Each vacation buyback shall be limited to a maximum of eighty (80) hours and will be at the employee’s regular rate of pay. Vacation hours bought back shall be paid at the employee’s normal hourly rate of pay at the time of the buyback, excluding any enhancements such as out of class pay. The City Manager may authorize buyback in excess of the eighty (80) hour limit in urgent and/or emergency situations. Effective July 1, 2014 2005 the total City-wide allocation for the buyback program will be $160,000 185,000 per fiscal year. The City shall establish an annual window period for the receipt of vacation buyback requests (November 1 – 21). At the conclusion of the window period, the City will tabulate the total dollar value of the buyback requests. If the total dollar value is less than or equal to $160,000 185,000 employee will receive, upon the City Manager’s approval, payment as noted above. If the total dollar value of the requests exceeds exceed $160,000185,000, request hours will be pro-rated and employees paid accordingly. (Payment shall be made with the first paycheck of December.) Should this occur, employee will be credited with vacation hours in excess of those hours determined eligible for the buyback program.