What happens to accrued vacation time if it’s not used within the calendar year? Is it paid out, rolled over, or lost?

Vacation time is based on the policy year, not a calendar year. That means when someone starts accruing vacation on 11/1/24, it will continue until 10/31/25. Any time accrued between November and December does not need to be used before the year turns over—it can be used any time before 10/31/25.