67-19-12.9 - Accumulated annual leave -- Annual conversion to deferred compensation plan. - Utah Statutes

67-19-12.9. Accumulated annual leave -- Annual conversion to deferredcompensation plan.
(1) If the Legislature in an annual appropriations act with accompanying intent languagespecifically authorizes and fully funds the estimated costs of this use, the department shallimplement a program that allows an employee, in the approved calendar year, to elect to convertup to 20 hours of annual leave, in whole hour increments not to exceed $250 in value, 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:
(a) converted into the employee's deferred compensation account at the employee's payrate at the time of conversion; and
(b) calculated in the last pay period of the leave year as determined by the Division ofFinance.
(3) An employee may not convert hours of accrued annual leave to the extent that anyhours converted would:
(a) exceed the maximum amount authorized by the Internal Revenue Code for thecalendar year; or
(b) cause the employee's balance of accumulated annual leave to drop below themaximum accrual limit provided by rule.

Amended by Chapter 139, 2006 General Session