Common use of Cash Conversion Clause in Contracts

Cash Conversion. An employee may cash out up to the maximum number of unused hours of PTO that have accrued in the employee’s PTO account during the calendar year, provided that (1) the employee makes an irrevocable election of such cashout during the last calendar quarter of the preceding year, and (2) the employee’s PTO hours are not reduced below forty (40) hours. Such cashout will be paid either per pay period or in one lump sum in the month designated at the time of election, provided that the lump sum payment occurs after the PTO has accrued during the calendar year, and no later than December 31 of that year. 10.5.1 Employees not already receiving a cash payment pursuant to Section 10.5 may apply for a cash payment of a portion of accrued PTO in the case of financial hardship or unforeseeable emergency, as those terms are defined in the federal regulations. The cash payment will be limited to the maximum number of unused hours that have accrued in the employee’s PTO account during the calendar year, provided that the employee’s PTO hours may not be reduced below forty (40) hours.

Cash Conversion. An employee may cash out up to the maximum number of unused hours of PTO that have accrued in the employee’s PTO account during the calendar year, provided that that (1) the employee makes an irrevocable election of such cashout during the last calendar quarter of the preceding year, and (2) the employee’s PTO hours are not reduced below forty (40) hours. Such cashout will be paid either per pay period or in one lump sum in the month designated at the time of election, provided that the lump sum payment occurs after the PTO has accrued during the calendar year, and no later than December 31 of that year. 10.5.1 Employees not already receiving a cash payment pursuant to Section 10.5 may apply for a cash payment of a portion of accrued PTO in the case of financial hardship or unforeseeable emergency, as those terms are defined in the federal regulations. The cash payment will be limited to the maximum number of unused hours that have accrued in the employee’s PTO account during the calendar year, provided that the employee’s PTO hours may not be reduced below forty (40) hours.