Sec. 566.6. Payment for vacation credit exchange

Cash payment in exchange for excess vacation credits will be based on the employee's annual salary in effect on July 1 of the exchange program year, including all annual salary factors in effect on that date. Payment for such exchange will be made by separate check in the last payroll period commencing in November of the exchange program year. Such payment will not be considered part of the employee's basis annual salary, nor will it be considered salary for the purpose of computing retirement benefits. The salary in effect on July 1 means the salary in effect at the beginning of the payroll period the first day of which is the nearest to July 1 or the beginning of the earlier of two payroll periods, the first days of which are nearest but not equally near to July 1.