Vacation Cash out. Vacation may be cashed-out up to fifty (50) hours of vacation annually if at least eighty (80) hours of vacation/compensatory time has been used in the previous twelve
Vacation Cash. Out Employees with more than forty (40) hours of earned but unused vacation time may request, in writing, not more than one time per fiscal year, to cash out any earned but unused vacation in excess of forty (40) hours, not to exceed a maximum request of eighty (80) hours to be cashed out. The Employer may, in its sole discretion, grant or deny such a request based upon the availability of funds. If approved, the payout will occur as soon as possible, but no later than the normal paycheck for the pay period immediately following the pay period in which date of the approval occurs.
Vacation Cash. Out Option. Upon request, employees may cash out vacation as follows:
(a) In any fiscal year, an employee may cash out an amount of accrued vacation equal to the vacation time the worker has scheduled to actually take off in that fiscal year. The worker may opt to receive the funds as cash or to place the cashed out funds in their 401(k) account (consistent with federal guidelines). Alternately, the worker may opt to have the cashed out vacation time paid out in installments of no more than one (1) week’s worth of time. Unless the worker opts for installments, cashed out vacation will be paid in the pay period after approval of the request.
(b) Cash-out may take place before the employee has actually taken the time off referenced in subsection (a) of this Section, provided that the time off has been requested and the employee's supervisor has approved the request. An employee must have enough time on the books to cover both the cash-out and the scheduled time off in order for cash-out to occur.
Vacation Cash. In Bargaining unit members shall have the option of cashing-in accumulated vacation time. An employee desiring to cash-in accumulated vacation time must provide written notice, on a form provided by Human Resources, by September 15th of each year. Employees may cash-in up to two hundred (200) accumulated vacation hours per year, provided remaining accumulated vacation hours do not fall below eighty (80). Payment will be made no later than November 15th. Payment shall be made at the rate of sixty percent (60%) of the total amount. Payment shall be by separate check and shall be considered regular wages for tax purposes only. Payment shall not be subject to retirement contributions and shall not count as final average compensation.
Vacation Cash. Out: Effective July 1, 2014, employees will be paid out at the end of each school year for any accrued vacation in excess of one hundred and ninety two (192) hours. However, the cash payout for vacation will be limited to forty (40) hours in a single year. Vacation balances will be determined on March 1st each year. This payment will be automatically made no later than June 30th each year.
Vacation Cash. Out on Separation or Movement to a Vacation Ineligible Position. 11 Any supervisor separated from State service, or who moves to a vacation ineligible position, 12 shall be compensated in cash, at the supervisor's then current rate of pay, for all earned, but 13 unused vacation leave to the supervisor's credit at the time of separation, but in no case shall 14 payment exceed two hundred and seventy five (275) hours except in case of death. Vacation 15 hours advanced pursuant to Section 1(B) but not yet offset by earned vacation shall not be 16 liquidated. Certain supervisors shall have their vacation cashout converted to a Health Care 17 Savings Plan account. See Article 16, Section 11. 18 Supervisors shall be allowed to leave their accumulated vacation to their credit during the 19 period of seasonal or temporary layoff.
Vacation Cash. Out—Employees shall be allowed to cash out up to 40 hours of unused accrued vacation per calendar year with the following provisions: Employees must have completed a minimum of one year of service. Employees must maintain a minimum of 80 hours of accrued vacation hours in their vacation bank. Vacation hours shall be compensated at the employee’s enhanced rate of pay as of the date of the cash-out. Employees must complete an irrevocable election form and submit the completed form to the Human Resources Department no later than December 15 of the calendar year prior to the year of the desired cash-out. Only time accrued during the calendar year following the irrevocable election may be cashed out. Vacation hours may be cashed out once per year in November, as long employees have submitted an irrevocable election form in the prior year.
Vacation Cash. Out Effective July 1, 2015, members are eligible to cash-out eighty (80) hours of vacation per calendar year. Vacation cash-out shall be administered in accordance with procedures set forth by the Finance and Administrative Services Department. For those employees electing to cash-out, the employee must have a minimum balance of eighty (80) hours accrued, after cashing out balances, as of yearly date in December specified by Payroll and have taken a minimum of eighty (80) hours of vacation in the prior twelve (12) months (prorated for regular part-time employees). Effective July 1, 2000, members will have the option of receiving cash or depositing vacation cash-out directly into deferred compensation, in compliance with IRS regulations.
Vacation Cash. Out Effective the first full pay period following City Council adoption of the resolution to amend the MOU, employees are eligible to file an irrevocable election, in December of each year, to cash-out up to eighty (80) hours of vacation accrued in the payroll calendar year following the cash-out election. For those employees electing to cash-out over forty (40) hours of vacation, the employee must have a minimum balance of eighty (80) hours of accrued vacation, as of the last full pay period in the payroll calendar year of the cash-out election, and must have taken a minimum of forty
Vacation Cash. Out Effective July 2017, members are eligible to file an irrevocable election, in December of each year, to cash-out up to 120 hours of vacation for Suppression personnel and 80 hours of vacation for Deputy Fire Marshals and other members scheduled on a 40- hour workweek, accrued in the payroll calendar year following the cash-out election. The cash-out shall occur yearly on a date, no earlier than Pay Period 22 but no later than December 31, as specified by Payroll. If the employee’s vacation balance at the time of the cash-out is less than the hours elected, Payroll will cash out the employee’s remaining balance. As part of the transition to the new vacation cash-out provision above, employees will be permitted to make an additional election during the December 2017 election period. In December 2017, employees may make an additional election to cash out up to 120 hours of vacation for Suppression personnel and 60 hours of vacation for Deputy Fire Marshals and other members scheduled on a 40-hour workweek, which will be paid out in January 2018. Vacation cash-out shall be administered in accordance with procedures set forth by the Finance and Administrative Services Department and IRS regulations, including exceptions for hardship. Members have the option of receiving cash or depositing vacation cash-out directly into their deferred compensation account, in accordance with IRS regulations.
