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ElkRiyer'\A� <br />Municipal Utilities <br />Purchased Vacation Time Form <br />By signing below I acknowledge I have read and understood the Utilities' policy on Purchasing <br />Vacation Time, including the information on this Purchased Vacation Time Form, and I accept <br />and agree to all its terms. <br />I hereby request to purchase — <br />to deduct the balance equally over <br />Signature of Employee: <br />Department: <br />hours of vacation time and authorize the Utilities <br />pay periods in the course of the year on a pretax basis. <br />Date: <br />Vacation is purchased in one -hour increments with a minimum purchase of eight hours and a <br />maximum purchase of 40 hours. Per IRS regulations, the purchased vacation time can only <br />be used once the employee's entire accrued vacation time has been exhausted. <br />The purchased vacation time will be deducted equally from each paycheck over the course of the <br />year and paid out at the rate in effect when paid out. <br />Purchased vacation hours must be used in the calendar year in which they are bought. Any <br />purchased vacation hours that have not been used before the second to last pay period end date of <br />the calendar year will automatically be paid out at the supplemental tax rate in the last pay check <br />of the calendar year in which the vacation time was purchased. Therefore, purchased vacation <br />time will not be available for use after mid -December. Any unused purchased vacation time will <br />be reimbursed at the rate in effect when paid out. <br />Upon termination if purchased vacation time used exceeds time deducted for, the employee must <br />pay the difference back to ERMU. However, if the employee has remaining purchased vacation <br />time that has not been used, it will be paid out to the employee. <br />EN <br />