On Tuesday, July 1, any CU retirees who have returned as university staff members will lose their unused vacation and, in its place, will receive a vacation payout.
This vacation payout is the result of CU’s “Hiring working retirees into staff positions” policy, which became effective on January 1. The policy aims to better enforce long-standing rules regarding maximum work limits and benefits eligibility for CU retirees who rejoin the university as staff members.
Guidelines for paying out returned retirees for unused vacation:
- To pay out unused vacation time earned in 2013 only, please use earnings code “VCT” on July’s special off-cycle payroll.
- To pay out unused vacation balances to retirees paid on a daily rate, first calculate the retiree’s hourly rate, then enter that hourly rate in the "override hourly rate" field in time collection. (Otherwise, the retiree will be paid for days and not hours of vacation.)
In August, Employee Services will sweep all leave attached to retiree records.