Common use of Vacation Sell Back at Retirement Clause in Contracts

Vacation Sell Back at Retirement. A. Employees leaving the employment of the DISTRICT for any reason will receive the value of their accrued but unused vacation hours at the time of separation which may be taken as part of their separation pay or deposited in their Deferred Compensation Account. B. Employees with a DISTRICT hire date on or before December 31, 2014, may have the cash value of accrued but unused vacation hours included as income for the purposes of determining the employee’s final compensation for retirement. C. Employees with a DISTRICT hire date on or after January 1, 2015, may have the cash value of the accrued but unused vacation hours included as income for the purposes of determining a retirement benefit based upon his or her length of employment prior to retirement, as follows: 1. Employees with less than 10 years of completed service will have no amount of the value of accrued but unused vacation hours included as income for determining a retirement benefit. 2. Employees with 10 through 14 years of completed service will have 50% of the value of accrued but unused vacation hours included as income for determining a retirement benefit. 3. Employees with 15 through 19 years of completed service will have 67% of the value of accrued but unused vacation hours included as income for determining a retirement benefit. 4. Employees with 20 or more years of completed service will have 85% of the value of accrued but unused vacation hours included as income for determining a retirement benefit.

Vacation Sell Back at Retirement. A. Employees leaving the employment of the DISTRICT SacRT for any reason will receive the value of their accrued but unused vacation hours at the time of separation which may be taken as part of their separation pay or deposited in their Deferred Compensation Account. B. Employees with a DISTRICT SacRT hire date on or before December 31, 2014, may have the cash value of accrued but unused vacation hours included as income for the purposes of determining the employee’s final compensation for retirement. C. Employees with a DISTRICT SacRT hire date on or after January 1, 2015, may have the cash value of the accrued but unused vacation hours included as income for the purposes of determining a retirement benefit based upon his or her their length of employment prior to retirement, as follows: 1. Employees with less than 10 years of completed service will have no amount of the value of accrued but unused vacation hours included as income for determining a retirement benefit. 2. Employees with 10 through 14 years of completed service will have 50% of the value of accrued but unused vacation hours included as income for determining a retirement benefit. 3. Employees with 15 through 19 years of completed service will have 67% of the value of accrued but unused vacation hours included as income for determining a retirement benefit. 4. Employees with 20 or more years of completed service will have 85% of the value of accrued but unused vacation hours included as income for determining a retirement benefit. D. Employees with a hire date of January 1, 2021 or later may not have the cash value of their accrued but unused vacation hours included as income for the purposes of determining a retirement benefit.