Common use of Voluntary cashout Clause in Contracts

Voluntary cashout. Employees will be afforded the opportunity to request cash out of accrued but unused vacation and compensatory leave hours. Requested cash out hours must be accrued and paid in the calendar year following the request, and employees must have 120 hours of vacation accrued on December 31 of the year in which the request is submitted to be eligible for the cash out in the subsequent year. The two cash-out dates each year when the elected hours may be paid are pay period 12 and pay period 25. The cashout election is irrevocable. The nurse must elect which one of the two cash out dates when payment will be made. Hours available for cashout are limited to those that accrue in the year for which cashout is requested. The hours will be converted to cash at the base pay rate on the employee’s primary assignment in effect at the time cashout occurs. Hours designated for cash-out will not be available for vacation use. When an employee requests a voluntary cash-out, the first hours of vacation matching the employee’s request for cash-out that the employee accrues in the following calendar year will be held in a separate bank and be unavailable to use for any paid time off. Nurses are not allowed to access hours accrued in a prior period to reach the original cashout elected. Maximum cashout of vacation/holiday time allowed is one hundred (100) hours per calendar year. 364 hours max all steps so best for most rates only behind St. Xxxxxxx'x top step Cash Out Prov. St. Xxxxxxx PTO 4. For regular nurses on schedules consisting of three (3) days each week, with each workday consisting of a 12-hour shift, or four (4) days each week, with each workday consisting of a 9-hour shift, the accrual rates in paragraphs 1, 2 and 3 immediately above will be changed to 0.0963, 0.1155, and 0.1347 hours, respectively, per paid hour, not to exceed 72 paid hours per two-week pay period. A.