63A-17-503. Accumulated annual leave — Conversion to deferred compensation plan.
| (1) |
The division shall implement a program whereby an employee may, upon termination of employment or retirement, elect to convert any unused annual leave into any of the employee’s designated deferred compensation accounts that:
Terms Used In Utah Code 63A-17-503- Division: means the Division of Human Resource Management, created in Section 63A-17-105. See Utah Code 63A-17-102
- Employee: means any individual in a paid status covered by the career service or classified service provisions of this chapter. See Utah Code 63A-17-102
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
| (a) |
are sponsored by the Utah State Retirement Board; and |
| (b) |
are qualified under Section 401(k) or Section 457 of the Internal Revenue Code. |
|
| (2) |
Any annual leave converted under Subsection (1) shall be converted into the employee’s deferred compensation account at the employee’s pay rate at the time of termination or retirement. |
| (3) |
No employee may convert hours of accrued annual leave to the extent that any hours so converted would exceed the maximum amount authorized by the Internal Revenue Code for each calendar year. |
Renumbered and Amended by Chapter 344, 2021 General Session
