Common use of Vacation Cash Out Provision Clause in Contracts

Vacation Cash Out Provision. An employee may, upon request, cash out accumulated but unused regular vacation leave, in increments of twenty at least (20) hours, subject to the following: (1) To be eligible, employees must file a written request with the Chief of Police or his/her designee. (2) Calculation of the payment due shall be based on the employee’s regular hourly rate when the vacation hours are paid. (3) For calculation of cash out payment, an employee may elect, in lieu of regular pay, to have their base pay (without special assignment pay) increased by an amount equivalent to their longevity pay for the biweekly pay period broken down into an hourly rate times the hours cashed out. The procedure for this election will be by department policy. This provision includes payment for unused hours at separation from service. (4) Employees cashing out their vacation leave under this Article must leave at least one hundred twenty (120) hours of vacation leave in their bank after having cashed out. (5) An employee may apply to the Chief of Police if he/she seeks to cash out their vacation leave under the one hundred twenty (120) hours in Section (4) of this Article.

Vacation Cash Out Provision. An employee may, upon request, cash out accumulated but unused regular vacation leave, in increments of twenty at least (20) hours, subject to the following: (1) To be eligible, employees must file a written request with the Chief of Police or his/her designee. (2) a. Calculation of the payment due shall be based on the employee’s regular 's regu lar hourly rate when the vacation hours are paid. (3) b. For calculation of cash out payment, an employee may elect, in lieu of regular pay, to have their base pay (without special assignment pay) increased by an amount equivalent to their longevity pay for the biweekly pay period broken down into an hourly rate times the hours cashed out. The procedure for this election will be by department policy. This provision includes payment for unused hours at separation from service. (42) Employees cashing out their vacation leave under this Article must leave at least one hundred twenty (120) hours of vacation leave in their bank after having cashed out. (53) An employee may apply to the Chief of Police if he/she seeks to cash out their vacation leave under the one hundred twenty (120) hours in Section (4) of this Article.