Year End Payouts Sample Clauses

Year End Payouts. Annually by November 1, an employee desiring to 17 receive payment for unused holiday and compensatory hours as defined 18 in Article 20, Overtime and Article 23, Holidays must complete and submit 19 to the City payroll office a leave conversion form indicating the number of 20 eligible compensatory and holiday hours for which the employee would 1 like to receive in a check as a cash out of the eligible balances. In 2 January of the following year, 100% of the cash value of any remaining 3 compensatory and holiday hours elected for payment after the December 4 payout will be contributed to the employee’s Health Care Savings 5 Account.

Year End Payouts. Annually by November 1, an employee must complete, sign and 20 submit a leave conversion form to the City payroll office in order to be eligible for a 21 yearend payout. An employee desiring a yearend payout for holiday hours may elect 22 payment via a check or have the elected hours placed into an eligible deferred 23 compensation plan, as defined in Article 17, Holidays. 24 A yearend payout for vacation hours may only include payment into an eligible deferred 25 compensation plan, as defined in Article 18, Vacations. There will be no cash payment 26 for vacation hours. 27 The employee must indicate the number of eligible holiday or vacation hours for which 28 the employee would like to receive in a payout of the eligible balances. In January of 29 the following year, 100% of the cash value of any remaining holiday or vacation hours 30 elected for payment after the December payout will be contributed to the employee’s 31 Health Care Savings Account.