Third Substitute H.B. 164

Senator Michael G. Waddoups proposes to substitute the following bill:

1 ANNUAL LEAVE ACCRUAL FOR STATE EMPLOYEES
2 1999 GENERAL SESSION
3 STATE OF UTAH
4 Sponsor: James R. Gowans
5 AN ACT RELATING TO STATE OFFICERS AND EMPLOYEES; ALLOWING STATE
6 EMPLOYEES TO CONVERT ACCUMULATED ANNUAL LEAVE INTO DEFERRED
7 COMPENSATION PLAN CONTRIBUTIONS UPON TERMINATION OR RETIREMENT.
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 employee may, upon
15 termination of employment or retirement, elect to convert any unused annual leave into any of the
16 employee's 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 termination
21 or retirement
22 (3) No employee may convert hours of accrued annual leave to the extent that any hours
23 so converted would exceed the maximum amount authorized by the Internal Revenue Code for
24 each calendar year.

*HB0164S3*