How about 40 days per year vacation time. Perhaps at a maximum of 14 days in any 60 day period.

My feeling is that if you want to commit to holidays, then don't commit to chess. If you lose due to time out, you will lose some pts. That is not the end of your chess playing.

It isn't about commitment, except perhaps in degree of.  Most of us love chess, but have lives too.

I went on vacations twice this year, and each time had a timeout.  Both times I took a laptop with me on vacation and found a WIFI spot from which to play.

My timeouts resulted from my not paying close attention to the time controls on the games in question.  At home, I tend to log on two or more times a day.  On vacation, I was otherwise occupied, so my logons were less frequent.

Then there are unforeseeable events such as illness, accidents, job changes, moving, which can and do befall us all eventually.  

Of course losing a game on a timeout isn't the end of civilization, but anyone who says they don't care about their rating is deluding themselves first.  I've never met anyone who played this game who did not care about winning.  Ratings are a means of tracking your winning and losing.  It would be unnatural not to care.

Vacation option would be good to have as some games could take a few weeks to complete. While losing the game and subsequent lowering of ratings isn't going to upset me, it may upset an opponent who really cares about winning/losing a game based on strategy rather than on time.

I enjoy playing the game; if I win, that's great; but if I lose, I had fun playing the game and look forward to the next one.