Vacation is accrued every pay period and does rollover to the next year. The only downside is that you lose your banked vacation if you leave the company so there's no reason to let your vacation pile up, in case leaving the company isn't your idea.
There's a cap on how much time you can accrue. Once you hit it, you stop accruing vacation, so use it or lose it, literally. If you leave, you lose your accrued vacation that you haven't taken. You won't get paid for it.
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