The MMA Labor Agreement contains a provision which allows certain supervisors to convert up to forty (40) hours of vacation leave to deferred compensation once each fiscal year. This provision became effective July 1, 2006 and is a permanent benefit in the agreement.
Please note that converting leave to your deferred compensation account may have a positive impact on your monthly pension benefits. Up to 40 hours of leave, when converted during your "high 5" will increase the income that your pension benefit is calculated on.
Each fiscal year, to receive this benefit, beginning July 2006, supervisors must complete the Selection of Deferred Compensation Option form available at www.finance.state.mn.us/agencyapps/sema4/forms.html on which they must choose either a $200 employer-paid deferred compensation match or the vacation leave conversion option. To be eligible for the conversion option, a supervisor must be at the top step of their salary range. Also, supervisors electing to convert vacation leave must have used three (3) hours of vacation leave in the previous fiscal year for each hour of vacation leave converted up to forty (40) hours.
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