You get an allotment of time every year. Starts in October when the fiscal year begins and expires September of the following year. I believe it's 4 weeks? My best recommendation is to sit down and plan out when you want to use it, since if you don't you're sol.

You also get holidays. The same days you got time and a half for as an hourly partner. You either can use those the week of (and get an extra day off) or you have to use them within 60 days of the holiday.