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b. Effective January 1, 2024 and continuing every ,year thereafter <br />1. If an employee wants to cash -out unused vacation leave they <br />accrued during the calendar year, they must make an irrevocable <br />election by December 15th of the prior calendar year (i.e., by <br />December 15, 2023 for a cash -out in calendar year 2024). The <br />provisions of Section 9.2(F)(3)(b) shall also apply to <br />management vacation leave. <br />2. The irrevocable election must indicate the amount of vacation <br />hours the employee intends to cash -out during the next calendar <br />year. <br />The number of hours to be cashed -out cannot exceed the total <br />number of hours the employee will accrue during that same <br />calendar year, or a maximum of eighty (80) hours, whichever is <br />the lesser amount. <br />3. Once the election farm is submitted to Payroll, the amount of <br />hours to be cashed -out cannot be changed for that calendar year. <br />4. Employees may submit a request for cash -out up to two (2) times <br />per year for payment the in the first paycheck period •, <br />des of July-+ and/or December. <br />In the event an employee's vacation leave balance (on either pay <br />period when they can elect to cash -out) is less than the amount <br />of hours the employee had previously elected to cash -out (in the <br />prior calendar year), the employee will only receive payment for <br />the amount of accumulated vacation leave remaining at the time <br />of the cash -out in either July or December. <br />6. If an employee makes an irrevocable election to cash -out <br />vacation in the following calendar year and uses vacation leave <br />during that subsequent calendar year, the vacation leave used <br />will first come from vacation leave the employee had earned (if <br />any) prior to January 15t of the calendar year the employee had <br />elected to cash -out. The use of such earned, but unused, vacation <br />leave accumulated from previous calendar years shall not result <br />in a reduction in the amount of vacation hours the employee is <br />eligible to cash -out. <br />2 <br />