67-19-12.7 - Accumulated annual leave -- Conversion to deferred compensation plan.
67-19-12.7. Accumulated annual leave -- Conversion to deferred compensationplan.
(1) The department shall implement a program whereby an employee may, upontermination of employment or retirement, elect to convert any unused annual leave into any ofthe employee's designated deferred compensation accounts that:
(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 theemployee's deferred compensation account at the employee's pay rate at the time of terminationor retirement.
(3) No employee may convert hours of accrued annual leave to the extent that any hoursso converted would exceed the maximum amount authorized by the Internal Revenue Code foreach calendar year.
Amended by Chapter 139, 2006 General Session