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Jon Hustler, partner with Clearwater in Birmingham, said: "Under a cash out, often known as equity release, the business is sold to a new company and the money paid to the vendor comes from a mixture of private equity and debt.
The court ruled that sheriff's employees who missed work because of their disability would have had no excess vacation to cash out at the end of the year because of an unwritten policy forcing individuals to take off excess vacation hours to avoid the year-end cash-out, Silver wrote.
If this scheme works, and if benefits end as scheduled in 2000, it represents a partial cash out.
Younger Employees and Workers With Smaller Account Balances More Likely to Cash Out, Significantly Jeopardizing Their Ability to Save Enough for Retirement