Common use of Cash Alternative Clause in Contracts

Cash Alternative. PTO may be taken by a nurse in the form of cash payment in lieu of time off each calendar year, provided that the nurse makes an irrevocable election (1) in the last calendar quarter of the preceding year during Employer’s standard benefit enrollment process or (2) during the calendar year itself with Human Resource’s approval conditioned on financial hardship, past use of PTO and current PTO balance. Such cashout will be paid out at any time after the PTO to be cashed out has accrued during the calendar year, but in no event later than December 31 of that year. PTO taken in cash payment form will be paid at the employee’s straight time rate of pay. Inclusion of shift differential in said rate of pay shall be determined in accordance with the hours normally worked by the nurse on the nurse’s regularly assigned shift.

Cash Alternative. PTO may be taken by a nurse in the form of cash payment in lieu of time off each calendar year, provided that the nurse makes an irrevocable election (1) in the last calendar quarter of the preceding year during Employer’s standard benefit enrollment process or (2) during the calendar year itself with the Human Resource’s approval conditioned on financial hardship, past use of PTO and current PTO balance. Such cashout cash-out will be paid out at any time after the PTO to be cashed out has accrued during the calendar year, but in no event later than December 31 of that year. PTO taken in cash payment form will be paid at the employee’s straight time rate of pay. Inclusion of shift differential in said rate of pay shall be determined in accordance with the hours normally worked by the nurse on the nurse’s regularly assigned shift.