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ANNUAL LEAVE – PAID TIME OFF (PTO) <br /> <br /> <br />No more than 240 hours of annual leave may be carried over into the following year. Any amount above <br />the maximum 240 hours shall be converted to a contribution to the MSRS Health Care Savings Plan. Such <br />conversion shall be capped at 40 hours per year. The conversion shall take place in conjunction with <br />issuing the calendar year’s final paychecks. <br /> <br />Employees leaving the city in good standing will receive 100 percent of their annual leave balance as <br />compensation up to a maximum of 240 hours (applicable taxes will be withheld) with their final pay. <br />Employees have the option of directing those dollars into a 457 deferred compensation plan (subject to <br />IRS maximum deferral regulations and Minnesota law). <br />