Page 42 - Police Federal Credit Union

Non-exempt employees, regardless of the number of days/hours of vacation leave used must submit
a completed Time and Attendance form to their Supervisor for timely submission and proper
recording to the Accounting Department. Exempt employees are required to report full days (8 hours)
of vacation leave taken by submitting a completed Time and Attendance form to their Supervisor for

timely submission and proper recording to the Accounting Department.

Accrued vacation leave up to 448 hours will be paid upon separation to employees hired prior to
January 1, 2010. Employees hired thereafter are eligible for payment of accrued vacation leave upon
separation up to 448 hours, but only if they resign with proper notice as set forth in this Employee
Manual, work out their notice period (or are excused from doing so), and are not discharged for
“cause.” A determination of cause for this provision will be made at the discretion of Senior
Management. No final paychecks will be dispersed until all Credit Union property is returned and/or

any money owed to the Credit Union (other than an approved loan) has been paid.

The Federal Deposit Insurance Corporation’s goal, and Police FCU concurs, is that all financial
institutions have a vacation policy which provides that active officers and employees be absent from
their duties for an uninterrupted time period annually. Police FCU’s practice of at least forty (40)
consecutive hours of vacation taken by active officers and employees is an important internal
safeguard and sufficient to comply with the intent of the regulatory guidance.

VACATION SELL BACK

Police FCU has implemented an enhancement to the vacation leave policy to include an
“accrued/unused vacation leave sell back offering.” This will allow an employee to assess their
individual situation concerning vacation leave, and if conditions are feasible may opt to sell back
accrued/unused vacation leave (maximum 40 hours) on specified Police FCU pay dates on a dollar for
dollar basis. A requirement of 80 hours of unused (uncommitted) vacation leave after a “sell back”

is required for each employee to provide a minimum safety net. The Credit Union strongly encourages
thoughtful use of individual accrued leave to ensure a level of financial protection when and if the
need arises. Any accrued vacation more than 240 hours not used or sold back by year end will be
st
forfeited on December 31 .
a. Employee will have the opportunity to process two (2) “sell back” requests during a calendar
year. Management will announce the sell back period for which employees can request to
surrender up to 40-hours of accrued vacation leave in exchange for compensation equal to

their current hourly rate of pay.
b. A balance of 80 hours of unused (uncommitted) vacation leave after a “sell back” is required
for each employee to provide a minimum safety net.

c. Employee is not in a probationary status.

d. The “sell back” is completely optional and once the request is processed these hours are no
longer available to the employee.

POLICE FEDERAL CREDIT UNION EMPLOYEE MANUAL - APRIL 2017 42 | PAGE