Section 2 AAC 08.045 - Cash value of personal leave(a) Personal leave accrued by an employee during each pay period is converted to a cash value by multiplying the hours accrued during that pay period in that month by the employee's annualized hourly rate of pay for the pay period. The resulting amount shall be added to the cash-value amounts calculated for previous pay periods. The total of all the cash values is the cash value of the employee's personal leave balance.(d) The cash value of personal leave when personal leave is used by the employee as time off shall be reduced by the employee's annualized hourly rate times the number of hours used on a first-in-first-out basis. For "first-in-first-out basis", the value of the leave accrued earliest is subtracted from the balance to calculate the remaining value of the cash value after the use of accrued leave.(e) The value of leave donated under AS 39.20.245(a) for the memorial scholarship revolving loan fund, or to a scholarship account in the fund, under AS 14.43.250-14.43.325 is calculated in the manner set out at (d) of this section.(f) The value of leave donated by an employee to another employee for leave for medical reasons under AS 39.20.245(b) is calculated by multiplying the employee's present annualized hourly rate by the number of hours of leave donated and dividing the resulting amount by the annualized hourly rate of the donee.(g) The value of leave cashed in under 2 AAC 08.065 is calculated in accordance with (d) of this section.Eff. 8/29/96, Register 143; am 9/11/2022, Register 246, July 2023Authority:AS 39.20.200
AS 39.20.320