VACATION LEAVE CONVERSION. Employees who have accrued a minimum of 120 hours of Vacation Leave may convert a maximum of 80 hours of Vacation Leave to pay per fiscal year. Employees may convert leave to pay in April and/or November of each year, calculated at the employee’s hourly base rate of pay at the time of conversion. Six (6) months prior to date of conversion, half the number of accrued leave hours requested, excluding Sick Leave, must have been taken as time off. Note: usage requirement waived for “activated” military personnel.
VACATION LEAVE CONVERSION. Accrued vacation hours will be converted by multiplying by a factor of 1.8.
VACATION LEAVE CONVERSION. An employee may convert (e.g. cash out) up to forty (40) hours of vacation leave on a rolling twelve (12) month basis to cash on a 1:1 ratio of leave to cash if, and only if, the employee has utilized less than sixty-five (65) hours of sick leave that is not supported by a physician’s certificate, during the preceding twelve (12) months prior to such request, and has met the consecutive hour utilization requirement set forth in Section 22.2. Requests to have accumulated vacation time paid at the then rate of compensation which are made on or before November 15 shall be paid out at the time of the next paycheck. Requests made between November 16 and December 31, will be paid on a “best efforts” basis contingent upon availability of adequate appropriations. Employees shall have the option to receive the proceeds from such vacation time cash out paid to them in separate payroll distribution, provided that the employees provides such direction in writing or via email to the Finance Department on or before the first business day following the pay period end.
VACATION LEAVE CONVERSION. Vacation Leave Conversions may be used in addition to or instead of Sick Leave conversion (subject to the total combined conversion not exceeding out of pocket premiums for Medical or the maximum allowable contribution to the HSA, pursuant to IRS regulations).
i. There is no minimum number of years of continuous City service required to be eligible for this benefit;
ii. The total converted hours (i.e., any combination of offsetting medical insurance premiums and funding the HSA) shall not exceed forty (40) hours;
iii. The converted value for medical insurance premiums shall not exceed the employee’s out of pocket expense for medical insurance premiums only;
iv. The converted value for funding the HSA shall not exceed the maximum allowable contribution, pursuant to IRS regulations;
v. The employee is not required to retain a minimum amount of vacation leave hours after the conversion;
vi. Each hour shall be converted at 100% and shall be based on the employee’s final pay rate prior to any cost of living adjustment for the upcoming plan year. Elections for sick and/or vacation leave conversions shall be made on an annual basis, during open enrollment, and are irrevocable except following a qualifying event, as defined per IRS rules (26 U.S.C. § 125). Some or all of the election for funding the HSA may be deferred to January for the purpose of new calendar year HSA contributions, but years of service and pay rate used are as of above dates, regardless of when converted.
VACATION LEAVE CONVERSION. At the time an employee is transferred to the administrative work schedule, his or her vacation leave balance shall be converted from the suppression work schedule rate to the administrative work schedule rate by dividing the accrued balances by 2.4 (example: 90 hours of suppression vacation time ÷ 2.4 = 37.50 hours of administrative vacation time). Said converted balances shall be available for employee’s use while assigned to the administrative work schedule in accordance with applicable policies. At the time an employee is returned to the suppression work schedule, his or her vacation leave balance shall be converted back to suppression hours by multiplying the hours by 2.4 (example: 37.50 hours of administrative Should an employee separate during the time of their administrative assignment, the accrued balance shall be converted back to suppression hours by multiplying the administrative hours by 2.4 and paid out at the suppression hourly rate. (example: 37.50 hours of administrative vacation time X 2.4 = 90 hours of suppression vacation time).
VACATION LEAVE CONVERSION. An employee who is participating in the Employer’s Deferred Compensation Program may elect to exchange up to twelve (12) hours of vacation leave per month in return for the deposit by the Employer of the cash equivalent into the Employer’s Deferred Compensation Program. Such an election will take effect upon the next opening date for changing contributions to the Deferred Compensation Program and an election upon the next opening date. Changes by the employees to their vacation conversion election shall not occur more frequently than once every six months. In the event that the employee has no accumulated vacation hours to convert the Employer may discontinue his or her participation in the vacation conversion program, thus reducing the vacation conversion to zero and causing an equivalent amount of the employee’s pay to be placed into the Deferred Compensation Program.
