can my employer not pay me for my vacation time?

[isaacbarr]

I live in the state of colorado and I recently hit my anniversary date at work. My date landed on a sunday so I turned in the paperwork to "cash in" my unused vacation time on the following day (monday) and was told that I submitted it too late and I had now lost the time. Can my employer do this?

[pattytx]

What does the company policy say about "losing" vacation? The employer legally doesn't have to cash it out as long as you are still employed.