§ 63A-17-504 — Accumulated annual leave -- Annual conversion to deferred compensation plan.

(1) If the Legislature in an annual appropriations act with accompanying intent language specifically authorizes and fully funds the estimated costs of this use, the division shall implement a program that allows an employee, in the approved calendar year, to elect to convert up to 20 hours of annual leave, in whole hour increments not to exceed $250 in value, into any of the employee's designated deferred compensation accounts that:

(1)(a) are sponsored by the Utah State Retirement Board; and
(1)(b) are qualified under Section 401(k) or Section 457 of the Internal Revenue Code.
(2) Any annual leave converted under Subsection (1) shall be:

(2)(a) converted into the employee's deferred compensation account at the employee's pay rate at the time of conversion; and
(2)(b) calculated in the last pay period of the leave year as determined by the Division of Finance.
(3) An employee may not convert hours of accrued annual leave to the extent that any hours converted would:

(3)(a) exceed the maximum amount authorized by the Internal Revenue Code for the calendar year; or
(3)(b) cause the employee's balance of accumulated annual leave to drop below the maximum accrual limit provided by rule.

Legislative History

Renumbered and Amended by Chapter 344, 2021 General Session