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(a) Effective July 1, 1996, personal leave balances are converted monthly to a cash value, by multiplying the hours accrued during the pay cycles in that month by the officer's or employee's annualized hourly rate of pay for the pay period.
(b) The amount resulting from the calculation in (a) of this section shall be added to the cash value amounts calculated for previous pay periods. The total of all of the cash values is the cash value of the officer's or employee's leave balance.
(c) To implement this section, the beginning total cash value of an officer's or employee's personal leave balance on July 1, 1996 is calculated by multiplying the officer's or employee's personal leave balance as of June 30, 1996 by the officer's or employee's annualized hourly rate of pay on July 1, 1996.
(d) The cash value of personal leave when personal leave is used by the officer or employee as time off shall be reduced by the officer's or 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 officer's or employee's present annualized hourly rate by the number of hours of leave donated, and then dividing the resulting amount by the annualized hourly rate of the donee, to arrive at the number of hours to be added to the donee's account.
(g) The value of leave cashed in under 2 AAC 08.065 is calculated in accordance with (d) of this section.
History: Eff. 8/29/96, Register 143
Authority: AS 39.20.200
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Last modified 7/05/2006