Unless otherwise provided by a collective bargaining agreement, if an employment contract or private employer policy provides for the accrual of paid leave, and an employee separates from service without using all of the employee's accrued paid leave, then this bill requires the private employer to compensate the former employee for the balance of such unused accrued paid leave, to be paid to the former employee as wages at the former employee's final rate of compensation. The private employer must pay such wages in a lump sum no later than 30 days after separation from service. This bill authorizes an employment contract or private employer policy to include a limitation on the total amount of paid leave that an employee may accrue before being required to use such leave in order to resume acquiring paid leave. However, an employment contract or private employer policy must not provide for the forfeiture of accrued paid leave upon an employee's separation from service. This bill clarifies that, to the extent applicable, this bill applies to employment contracts executed, modified, or amended on or after the effective date of this bill.