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69 12/2024 <br /> <br /> <br />ACCRUAL RATES FOR CAREER FIREFIGHTER VACATION LEAVE <br /> <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 /> <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 carry- <br />over from one plan year to the next is 300 hours. <br /> <br />VACATION CONVERSION OPTION <br />Employees may reduce their vacation leave balance by up to 40 hours before year-end, by converting up to <br />40 vacation hours (total) to one or both of the following: <br /> <br />1) To the MSRS deferred compensation plan (subject to vacation IRS deferral limits), and/or <br />2) To a health savings account (subject to the IRS contribution limits) <br /> <br />Applicable taxes will be withheld, and the conversion shall take place in conjunction with issuing the <br />calendar year’s final paychecks. <br /> <br />TERMINATION <br />Employees leaving the city in good standing will receive 100 percent of their vacation leave balance as <br />compensation (applicable taxes will be withheld) with their final pay. Employees have the option of <br />directing part or all those dollars into 1.) the MSRS 457 deferred compensation plan (subject to IRS <br />maximum deferral regulations and Minnesota law) or 2.) a health savings account (subject to IRS maximum <br />contribution regulations). <br />Formatted: Not Highlight <br />Formatted: Not Highlight <br />Formatted: Not Highlight