Common use of Vacation Credit Paydown Clause in Contracts

Vacation Credit Paydown. An appointing authority may authorize a portion of an employee’s vacation credits to be converted to a cash payment under the following circumstances: 1. The employee’s vacation balance has exceeded an amount equal to eighty percent (80%) of his/her Maximum Balance; and 2. The employee is, or imminently will be, foregoing vacation credit accruals due to reaching the Maximum Balance; and 3. The employee has used one-half (50%) of his/her authorized annualized vacation accrual for the period inclusive of payroll 07 of the previous fiscal year and payroll 06 of the current fiscal year; and 4. The employee has requested, and been denied, use of vacation prior to reaching his/her Maximum Balance. 5. The paydown shall be limited to a maximum amount of four-thousand dollars ($4,000) per fiscal year, which will leave a remaining balance of no less than seventy-five percent (75%) of the Maximum Balance. 6. When an employee is to be paid or credited the monetary value of vacation, such compensation shall be made on the basis of the employee’s basic rate of pay at that time plus those applicable premiums or bonuses which are being paid as part of the employee’s hourly rate at the time of separation exclusive of any biweekly fixed dollar amount premiums and any other premiums specifically identified as excluded from terminal payout.

Vacation Credit Paydown. An appointing authority may authorize a portion of an employee’s vacation credits to be converted to a cash payment under the following circumstances: 1. The employee’s vacation balance has exceeded an amount equal to eighty percent (80%) of his/her their Maximum Balance; and 2. The employee is, or imminently will be, foregoing vacation credit accruals due to reaching the Maximum Balance; and 3. The employee has used one-half (50%) of his/her their authorized annualized vacation accrual for the period inclusive of payroll 07 of the previous fiscal year and payroll 06 of the current fiscal year; and 4. The employee has requested, and been denied, use of vacation prior to reaching his/her their Maximum Balance. 5. The paydown shall be limited to a maximum amount of four-thousand dollars ($4,000) per fiscal year, which will leave a remaining balance of no less than seventy-five percent (75%) of the Maximum Balance. 6. When an employee is to be paid or credited the monetary value of vacation, such compensation shall be made on the basis of the employee’s basic rate of pay at that time plus those applicable premiums or bonuses which are being paid as part of the employee’s hourly rate at the time of separation exclusive of any biweekly fixed dollar amount premiums and any other premiums specifically identified as excluded from terminal payout.

Vacation Credit Paydown. An appointing authority may authorize a portion of an employee’s vacation credits to be converted to a cash payment under the following circumstances: 1. The employee’s vacation balance has exceeded an amount equal to eighty percent (80%) of his/her Maximum Balance; and 2. The employee is, or imminently will be, foregoing forgoing vacation credit accruals due to reaching the Maximum Balance; and 3. The employee has used one-half (50%) of his/her authorized annualized vacation accrual for the period inclusive of payroll 07 of the previous fiscal year and payroll 06 of the current fiscal year; and 4. The employee has requested, and been denied, use of vacation prior to reaching his/her Maximum Balance. 5. The paydown shall be limited to a maximum amount of four-four thousand dollars ($4,000) per fiscal year, which will leave a remaining balance of no less than seventy-five percent (75%) of the Maximum Balance. 6. When an employee is to be paid or credited the monetary value of vacation, such compensation shall be made on the basis of the employee’s basic rate of pay at that time plus those applicable premiums or bonuses which are being paid as part of the employee’s hourly rate at the time of separation exclusive of any biweekly fixed dollar amount premiums and any other premiums specifically identified as excluded from terminal payout.