Sick Leave Annual Cash Out Clause Samples

The Sick Leave Annual Cash Out clause allows employees to convert a portion of their accrued but unused sick leave into a cash payment, typically on an annual basis. This clause usually specifies eligibility requirements, such as a minimum balance of sick leave that must remain after the cash out, and may set limits on the amount that can be cashed out each year. Its core practical function is to provide employees with added flexibility and a financial incentive to conserve sick leave, while helping employers manage leave liabilities.
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Sick Leave Annual Cash Out. Each January an employee is eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of his or her their accrued sick leave, if: A. His or her The employee’s sick leave balance at the end of the previous calendar year exceeds four hundred eighty (480) hours;
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Sick Leave Annual Cash Out. ‌ Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if: A. Their sick leave balance at the end of the previous calendar year exceeds four hundred and eighty (480) hours; B. The converted sick leave hours do not reduce their previous calendar year sick leave balance below four hundred and eighty (480) hours; and C. They notify their payroll office by January 31st that they would like to convert their sick leave hours earned during the previous calendar year, minus any sick leave hours used during the previous year, to cash. All converted hours will be deducted from the employee’s sick leave balance.
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Sick Leave Annual Cash Out. Each January, an employee is eligible to receive cash on a one (1) hour for four
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Sick Leave Annual Cash Out. At the written request of the employee, due by February 10th, the employer will cash out at the employee’s base rate of pay at 50% of all annual sick leave accrued (but not used) over 620 hours. This amount shall be placed into the employee’s deferred compensation account, administered by the employer. Transfer of these funds shall occur at the same time as the second pay check in February is issued.
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Sick Leave Annual Cash Out. Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if: A. Their sick leave balance at the end of the previous calendar year exceeds four hundred and eighty (480) hours; B. The converted sick leave hours do not reduce their previous calendar year sick leave balance below four hundred and eighty (480) hours; and C. They notify their payroll office by January 31st that they would like to convert their sick leave hours earned during the previous calendar year, minus any sick leave hours used during the previous year, to cash. All converted hours will be deducted from the employee’s sick leave balance. The changes above shall be incorporated into the ▇▇▇▇-▇▇▇▇ ▇▇▇. ▇▇▇ ▇▇▇▇▇▇▇, Assistant Secretary WSDOT/WSF ▇▇▇▇▇▇ ▇▇▇▇, Executive Director FASPAA /s/ /s/ ▇▇▇▇▇▇ Skjonsber-▇▇▇▇▇▇▇▇▇▇ Labor Relations Manager WSDOT/WSF ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ OFM MEMORANDUM OF UNDERSTANDING BETWEEN‌ THE STATE OF WASHINGTON OFFICE OF FINANCIAL MANAGEMENT/LABOR RELATIONS SECTION WASHINGTON STATE DEPARTMENT OF TRANSPORTATION, FERRIES DIVISION FERRY AGENTS, SUPERVISORS AND PROJECT ADMINISTRATORS ASSOCIATION
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Related to Sick Leave Annual Cash Out

  • Sick Leave Cash Out Eligible employees may elect to receive monetary compensation for accrued sick leave as follows: In January of each year an employee whose sick leave balance at the end of the previous year exceeds four hundred eighty (480) hours may elect to convert the sick leave hours earned in the previous calendar year, minus those hours used during the year, to monetary compensation. No sick leave hours may be converted which would reduce the calendar year end balance below four hundred eighty (480) hours. Monetary compensation shall be paid at the rate of twenty-five percent and shall be based on the employee’s current salary. All converted hours will be deducted from the sick leave balance. Employees who separate from University service due to retirement or death shall be compensated for the unused sick leave accumulation from the date of most recent hire in a leave eligible position with the State of Washington at the rate of 25%. Compensation shall be based upon the employee’s wage at the time of separation. For the purpose of this section, retirement shall not include vested out of service employees who leave funds on deposit with the retirement system. Former eligible employees who are re-employed within three (3) years of their separation from service shall be granted all unused sick leave credits, if any, to which they are entitled at time of separation.

  • Sick Leave Separation Cash Out At the time of retirement from state service or at death, an eligible employee or the employee’s estate will receive cash for their compensable sick leave balance on a one (1) hour for four (4) hours basis. For the purposes of this Section, retirement will not include “vested out of service” employees who leave funds on deposit with the retirement system.

  • Vacation Cash Out In each calendar year, an employee may make a one-time request to cash out and receive payment for up to forty (40) hours of vacation. In order to be eligible to cash out vacation hours, the employee must be a regular status employee and have a remaining vacation balance of sixty (60) hours or more. Vacation leave that has been pre-approved will be considered when the request is made in order to determine if they will maintain the minimum vacation balance requirement.