|
||
|
|
Employees of Washington have the option of selling unused leave to their employer. WAC 251-22-124 allows employees to make this decision in January of each year or at their retirement or termination; an employee's heirs may also make this decision if the employee dies. The annual option is called "Buy Back", while the one-time retirement option is called "Cash Out". Sick leave is currently cashed out or bought back at a ratio of 4:1; that is, four days of sick leave may be exchanged for one day of pay.
This is the process used to create a leave sale. A separate Leave Sale Report is used to report on used and unused leave for selected employees, and check on the minimum hours required for a sale, annual buyback hours and dollar amounts, and the cashout amount in hours and dollars. Leave Sale Report may be accessed from Reports on the Employee Profile Master screen and from Human Resources / Time Off / Reporting.
User Tips:
Be sure the Sale Ratio is correct in the Time Off code you are using.
Enter the From Pay Code using a Pay Code from those available in the employee’s record. The properties of this Pay Code are used to clone the new To Pay Code. Select an appropriate To Pay Code.
To Pay Codes should be added using the appropriate retirement status codes depending on the plan each employee is on, and labeled so that they are easy to select correctly.
Enter the hours and verify the hourly rate. In WESPaC, the hourly rate is based on the Hourly Rate in the From Pay Code. This rate can be overridden or manually entered. The Sale Amount reflects the hours, hourly rate, and Sale Ratio.
If, after the Leave Sale Time Off Transaction and Pay Record have been entered you discover that the hours entered were incorrect, both records must be corrected. Correcting the hours on one will not correct the hours on the other.
Page Updated 6/07