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ANNUALVACATION LEAVE – PAID TIME OFF (PTO) #235 <br />Career firefighters (who work 24-hour shifts and must take 24 hours of leave to take a shift off) will earn <br />paid time off vacation leave in accordance with the schedule below: <br />Accrual Rates for Career Firefighter AnnualVacation Leave <br />Years of Service Annual/ Per Pay Period Accrual Rates <br />0-2 Years 156 hour/6 hours bi-weekly <br />3-5 years 208 hours/8 hours bi-weekly <br />6-10 Years 260 hours/10 hours bi-weekly <br />11-15 Years 286 hours/11 hours bi-weekly <br />16-24 Years 312 hours/12 hours bi-weekly <br />25 Years or More 338 hours/13 hours bi-weekly <br />Career Firefighters will earn vacation leave following the above schedule. Career Firefighters may carry <br />forward a balance of unused vacation leave from one year to the next; the maximum vacation leave <br />carry-over from one plan year to the next is 320 hours. <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 />VACATION CONVERSION OPTION <br />Employees may reduce their vacation leave balance by up to 40 hours before year-end, by converting up <br />to 40 vacation hours (total) to one or both of the following: <br />1) To the MSRS deferred compensation plan (subject to vacation IRS deferral limits), and/or <br />3)To a health savings account (subject to the IRS contribution limits) <br />Applicable taxes will be withheld and Tthe conversion shall take place in conjunction with issuing the <br />calendar year’s final paychecks. <br />TERMINATION <br />Employees leaving the city in good standing will receive 100 percent of their annualvacation leave <br />balance as compensation (applicable taxes will be withheld) with their final pay. Employees have the <br />option of directing part or all those dollars into 1. The MSRS a 457 deferred compensation plan (subject <br />to IRS maximum deferral regulations and Minnesota law) or 2. a health savings account (subject to IRS <br />maximum contribution regulations).