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<br />18 <br /> <br /> Upon termination of employment a regular employee shall be paid cash value of <br />their accrued vacation leave at the time of termination, in accordance with the <br />above schedule. <br /> <br />7.13.5 Vacation Cash-Out Program <br /> <br />An employee may elect to receive compensation in lieu of a portion of accrued and <br />unused vacation leave credits for any calendar year (based on the first twenty-six <br />(26) pay periods ending that year) by requesting payment of unused vacation leave <br />in writing on or before December 31st of the prior calendar year. Accumulated <br />vacation leave benefits for years prior to such calendar year shall not be eligible <br />for cash-out. <br /> <br />Eligibility for vacation cash-out shall be subject to the employee’s annual accrual <br />rate as of December 31st of the prior calendar year, as follows: <br /> <br />x Employees with an annual accrual rate of eighty (80) hours per year are not <br />eligible. <br />x Employees with an annual accrual rate of one hundred twenty (120) hours may <br />elect to cash-out up to forty (40) hours of accrued and unused vacation. <br />x Employees with an annual accrual rate of one hundred sixty (160) hours may <br />elect to cash-out up to eighty (80) hours of accrued and unused vacation. <br />x Employees with an annual accrual rate of one hundred eighty (180) hours may <br />elect to cash-out up to one hundred (100) hours of accrued and unused <br />vacation. <br />x Employees with an annual accrual rate of two hundred (200) hours may elect <br />to cash-out up one hundred twenty (120) hours of accrued and unused <br />vacation. <br /> <br />In addition, the following restrictions shall apply: <br /> <br />x Employee must have a minimum of eighty (80) hours of accrued vacation at <br />the time of election in order to be eligible. <br />x Employee must utilize a minimum of eighty (80) hours of vacation during the <br />calendar year in which leave is accrued. <br />x Employee must have at least eighty (80) hours of vacation leave remaining <br />after the cash-out is completed. In the event that the amount of vacation to <br />be cashed out would leave less than eighty (80) hours in the employee’s <br />remaining accrued leave bank, the cash-out amount will be reduced by the <br />amount necessary in order to retain the minimum eighty (80) hour bank. <br /> <br />The City will endeavor to make payment on the non-payroll Friday immediately <br />following the first payroll Friday in January following the year in which leave is <br />accrued; however, the payment will be made no later than the first pay period in <br />February and shall be paid using the salary in effect December 31st of the year in <br />which leave is accrued. <br /> <br />Upon payment, accumulated vacation leave credits shall be reduced by the value <br />of the vacation leave used and compensated as provided in the above paragraph. <br /> <br />6.H. - Page 26 of 72 <br />368