Assuming it's a true story.
That said, the vacation expiration rules haven't always been around. They started showing up back in the 90s/00s, as accounting firms started counting these days as liabilities and businesses started trying to minimize how many days were outstanding on their books.
I did know a few public school teachers who did exactly this. They'd save up vacation for five years and then take a paid semester off.
Can't do it anymore, but it wasn't always this way.