An automatic payout of 16 hours from your banked balance, reflected on your Aug. 1 monthly paycheck. This payout will reduce 16 hours of banked balance from eligible employees' vacation hours.

To be eligible, you must have a minimum of 160 total vacation hours and at least 16 hours in your banked balance after May 2023 time records are processed and calculated in late June 2023.

When available, these balances will be reflected on the Vacation/Sick Leave report dated “Available as of 01-JUN-2023” in Employee Self-Service.

You must remain employed by the university through July 31, 2023.

Banked hours are earned in excess of maximum vacation accruals. There are two scenarios where employees may earn banked hours:

1. If an employee transfers from full-time to part-time employment, leaving them with an excess of accrued vacation, the excess time will be banked until the staff member's current balance is returned to zero, or they increase their percent time or return to full-time employment.
2. The governor of Iowa provided additional vacation hours to eligible employees. Those hours were added to employee banked vacation balances.

Banked hours are found under Time & Pay > Vacation & Sick Leave in Employee Self-Service. Below is an example of an employee with 16 banked hours, totaling 208 vacation hours as of June 1, 2023.

Banked hours and accrued hours are different even though they are both components of the vacation balance. Accrued vacation is earned by the employee and is included in their vacation maximum. Most banked hours result from the Governor’s orders, while some are banked by the university to avoid their forfeiture when an employee becomes subject to reduced maximum limits. Banked hours do not count against the maximum and are the last to be used after the employee’s accrued hours have been depleted.

This payout will reduce 16 hours of banked balance from eligible employees' vacation hours.

After careful consideration of financial and tax information, the University made the decision that all employees meeting eligibility requirements would be required to receive the vacation payment. Eligible employees are unable to opt out.

The 2023 vacation payout program automatically pays 16 hours of banked balance to eligible employees.

Employees who do not accrue vacation, such as temporary employees, nine-month faculty, graduate assistants, medical residents, and fellows, are not eligible for this program. 

There is no application for the 2023 vacation payout program. Eligible employees will automatically receive a payout of 16 hours from their banked balance on their Aug. 1 monthly paycheck.

If eligible, a payment of 16 hours from your banked balance will be included on your Aug. 1 monthly paycheck.

This program automatically reduces 16 hours of banked balance from eligible employees' vacation hours.

This will not impact your ability to accrue maximum vacation hours. Your maximum accrual is noted on your Vacation/Sick Report in Employee Self-Service.

This program will not affect your annual salary increase scheduled for July 1, 2023, paid on Aug. 1. The automatic payment of hours from your banked balance will be calculated using your fiscal year end (June 30, 2023) regular hourly rate.

The payment of 16 hours from your banked balance will be calculated using your fiscal year end (June 30, 2023) regular hourly rate. The hourly rate is calculated by dividing your annual salary on June 30, 2023, by 2080 work hours in the calendar year based upon full-time employment (prorated by percentage of effort). Your June 30, 2023, annual salary is located in Employee Self-Service under Time & Pay > Compensation > Appointment & Salary History.

This payment of 16 hours from your banked balance is subject to all applicable payroll tax withholding. 

The payout will be included on your Aug. 1 monthly paycheck. The payout will be reflected on earnings statements as "Vacation Payout Program."

The 2023 vacation payout program automatically pays 16 hours of banked balance to eligible employees. Eligible employees are unable to opt out.

No. Sick hours are not included in this program.

This program is authorized by the State of Iowa and each state employer can participate. The University of Iowa has elected to participate this year and will evaluate future programs on an annual basis.

Yes, you may defer this payout to your VRSP and/or 457(b) plan through the regular Self-Service Voluntary Retirement Saving Plan application. After July 1, 2023, increase your current deferral to the amount that you would like to defer on August 1, 2023. Make sure to combine any amount you may already be deferring plus the additional amount from this payout program. After August 1, 2023, make sure you reduce your VRSP back to your regular monthly deferral amount. Please contact benefits@uiowa.edu with any questions.