4.1c ERMUSR 03-09-2021 - Laserfiche WebLink

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converted into cash and deposited into their Post Employment Health Care Savings account, but only on the condition thatthey sign and do not rescind an agreement releasing claims arising out of their employment, in a form prescribed by the Utilities. The Operations Director, Electric Superintendentand WaterSuperintendentaccrue paid vacation at the rate set forth above and are generally subject to this Vacation policy; but they each shall also receive an additional 40 hours of paid vacation per year, the balance of which will be paid out at their respective then-current base rates of pay if not used by the end of the year. No such balance may be carried over from year to year. 38. PURCHASED VACATION TIME (PVT) Upon starting employment and duringeachannual open enrollment period, an employee may purchase up to 40 hours of additional paid vacation time. If an employee decides to purchase vacation time, the employee pays for the hours on a pre-tax basis. The cost of thepurchased vacation time will be deducted equally from each paycheck over the course of the year and paid out at the rate in effect upon payout. Vacation is purchased in one-hour increments with a minimum purchase of eight hours and a maximum purchase of 40 hours. Per IRS regulations, the purchased vacation exhausted. Purchased vacation hours must be used in the calendar year in which they are purchased. Any purchased vacationhours that have not been used before the second to last pay period end date of the calendar year will automatically be paid out in the last pay check of the calendar year in which the vacation time was purchased,at the rate in effect at the time of payout and subject to withholding at the supplemental tax rate. Therefore, purchased vacation time will not be available for use in any year after mid-December. Uponseparation from employment,if purchased vacation time used exceeds the cost of such purchase that has been deducted up to that time, the employee must pay the difference back to ERMU. However, if the employee has remaining purchased vacation time that has not been used, it will be paid out to the employeeupon separation. New employees are allowed to buy purchased vacation time based on their benefit eligibility date, as listed in the chart below. Benefit Eligibility DateMaximum PVT Hours Eligible for Purchase January March40 Hours April May32 Hours June July24 Hours AugustSeptember16 Hours October November8 Hours December0 Hours 37 January 2020 194