Common use of Vacation Conversion Clause in Contracts

Vacation Conversion. Payment shall be made in one (1) lump sum subject to the necessary appropriations of City Council. If the individual does not certify an election option, all unused vacation exceeding 2 (two) years at the individual employee’s current vacation schedule shall be paid to the employee on the last pensionable pay of the current year in which it is earned. This conversion shall be at one hundred percent (100%) of the employee’s current hourly rate. All conversions must be submitted no later than the pay period before the requested payout. There will be no conversions from November 1 of the current year through the first pay of the following year, except for the pensionable conversion.

Vacation Conversion. Payment shall be made in one (1) lump sum subject to the necessary appropriations of City Council. If the individual does not certify an election option, all unused vacation exceeding 2 five hundred four (two504) years hours at the individual employee’s 's current vacation schedule shall be paid to the employee on the last pensionable pay of the current year in which it is earned. .This conversion shall be at one hundred percent (100I 00%) of the employee’s 's current hourly rate. All conversions must be submitted no later than the pay period before the requested payout. payout There will be no conversions from November 1 of the current year through the first pay of the following year, except for the pensionable conversion.