Optional Cash Out of PTO Sample Clauses

Optional Cash Out of PTO. Once an employee has completed two (2) years of service with the Employer, the employee has the option of “cashing out” up to half of their earned PTO accrual at fifty percent (50%) of the value based on the employee’s regular hourly rate. Once an employee has completed four (4) years of service with the Employer, the employee has the option of “cashing out” up to half of their earned PTO accrual at seventy-five percent (75%) of the value based on the employee’s regular hourly rate. Once an employee has competed six (6) years of service with the Employer, the employee has the option of “cashing out” up to half of their earned PTO accrual at one hundred percent (100%) of the value based on the employee’s regular hourly rate. Only full-time, non-exempt hourly employees are eligible to cash-out PTO balances. An employee shall exercise this cash out option no more than twice a year in minimum increments of eight (8) hours. For example: if an employee chooses to cash out fifty (50) hours of PTO, after two (2) years of service and the employee earns twelve dollars ($12.00) an hour, the employee would be paid for the fifty (50) hours at six dollars ($6.00) for each hour, or three hundred dollars ($300.00). Any cashing out of PTO hours will be processed in the Employer’s next scheduled payroll. Exceptions must be approved by the Employer in writing. *The regular hourly rate does not include shift differentials and any incentive pay for regular PTO. The regular hourly rate does include shift differentials for eligible sick time in accordance with Oregon Sick Leave Law. *“Family members” include Domestic Partners as defined in Section 14.1, Bereavement Leave. *The word “employee” shall mean Bargaining Unit Employee.
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