Download Zipped Amended WP 8.0 HB0164S2.ZIP 6,011 Bytes
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Second Substitute H.B. 164
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5 AN ACT RELATING TO STATE OFFICERS AND EMPLOYEES; ALLOWING STATE
6 EMPLOYEES TO CONVERT EXCESS ACCUMULATED ANNUAL LEAVE INTO
7 DEFERRED COMPENSATION PLAN CONTRIBUTIONS.
8 This act affects sections of Utah Code Annotated 1953 as follows:
9 ENACTS:
10 67-19-12.7, Utah Code Annotated 1953
11 Be it enacted by the Legislature of the state of Utah:
12 Section 1. Section 67-19-12.7 is enacted to read:
13 67-19-12.7. Accumulated annual leave -- Conversion to deferred compensation plan.
14 (1) The department shall implement a program whereby an eligible employee may, in each
15 calendar year, elect to convert up to 40 hours of unused annual leave into any of the employee's
16 designated deferred compensation accounts that:
17 (a) are sponsored by the Utah State Retirement Board; and
18 (b) are qualified under Section 401(k) or Section 457 of the Internal Revenue Code.
19 (2) Any annual leave converted under Subsection (1) shall be converted into the
20 employee's deferred compensation account at the employee's pay rate at the time of conversion.
21 (3) No employee may convert hours of accrued annual leave to the extent that any hours
22 so converted would exceed the maximum amount authorized by the Internal Revenue Code for
23 each calendar year.
24 (4) (a) For purposes of this section, "eligible employee" means an employee with unused
25 annual leave hours exceeding 144 hours as of S [
25a PERIOD s in each calendar year an election is
26 made under this section.
27 (b) An eligible employee:
28 (i) shall make each election by S [
28a of each calendar year by using a form
29 approved by the department; and
30 (ii) may only convert unused annual leave hours in excess of 144 hours of annual leave
31 in the eligible employee's annual leave balance.
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