Common use of Cash Out Option Clause in Contracts

Cash Out Option. St. Xxxxxx Medical Center will allow PTO cash outs in accordance with IRS regulations. An eligible employee may elect to cash out up to fifty percent (50%) of his or her PTO accrual (up to one hundred twenty hours (120) hours). Employees electing to receive cash in lieu of paid time off must indicate their interest in doing so by making an irrevocable election during the November Annual Open Enrollment timeframe each year prior to accruing the time off in the following year. For example, during November an employee may make an irrevocable election to cash out up to no more than fifty percent (50%) of the PTO hours they will accrue in the next calendar year, not to exceed one hundred twenty (120) hours. Note: Employees accruing PTO at the two hundred (200) hour tier level may elect to cash out up to one hundred (100) hours of PTO in the following year. Employees may elect to receive their cash out in one of the following two ways: 1. 100% of election amount paid by December 31(not to exceed 120 hours or 100 hours for those accruals at the 200 tier level) 2. 50% of election amount paid by July 31 (not to exceed 60 hours) and the remaining 50% paid by December 31(not to exceed a total of 120 hours or 100 hours for those accruals at the 200 tier level). Employees who elect PTO cash out will accrue their elected PTO cash out hours in a separate accrual balance which will be visible on the pay stub. Employees will only have access to these accrued hours for purposes of elected cash out. Employees who elect a pay out twice per year and who have not accrued fifty percent (50%) of their election by July will receive the amount they have earned toward their election and the remaining hours will be paid at the time of their December pay out. Employees who experience a reduction in their overall PTO accrual (i.e. change in hours worked, etc.) or who stop accruing PTO due to a leave of absence or reaching the annual maximums for example may not reach their full cash out election amount and as such will only be paid what they have accrued toward the cash out election at the time of the payout. Additionally, the employer shall provide a cash out option for unforeseeable emergencies and in an amount reasonably necessary to satisfy the emergency need consistent with the U.S. Department of Treasury regulations. Employees terminating employment with St. Xxxxxx Medical Center shall not be subject to the limitations above and shall be paid at one hundred percent (100%) in accordance with Article 11.11 of the Collective Bargaining Agreement.

Cash Out Option. St. Xxxxxx Medical Center will allow PTO cash outs in accordance with IRS regulations. An eligible employee A nurse may elect to cash out up to fifty percent (50%) % of his or her PTO accrual (up to one hundred twenty hours (120) 120 hours). Employees Nurses electing to receive cash in lieu of paid time off must indicate their interest in doing so by making an irrevocable election during the November Annual Open Enrollment timeframe each calendar year prior to accruing the time off in the following year. For example, during November an employee Annual Enrollment a nurse may make an irrevocable election to cash out up to no more than fifty percent (50%) % of the PTO hours they will accrue in the next calendar year, not to exceed one hundred twenty (120) hours. The payment will be made in the following calendar year during the pay periods defined below. Note: Employees Nurses accruing PTO at the two hundred (200) 200 hour tier level may elect to cash out up to one hundred (100) 100 hours of PTO in the following year. Employees may elect to receive their cash out in one of the following two ways: 1. 100% of election amount paid by December 31(not to exceed 120 hours or 100 hours for those accruals at the 200 tier levelPayments will be made as follows: Fifty percent (50%) 2. 50% of election amount paid by July 31 (not to exceed 60 hours) and the remaining fifty percent (50% %) paid by December 31(not 31 (not to exceed a total of 120 12 hours or 100 hours for those with accrual at the 200 tier level. By December 31– the remaining number of hours not cashed out up to 120 hours annual maximum (100 annual maximum for RNs accruing at the 200 hour tier level). Or one hundred percent (100%) of election amount (not to exceed one hundred twenty (120) hours or one hundred (100) hours for those accruals at the 200 two hundred (200) tier level). Employees who elect PTO cash out will accrue their elected PTO cash out hours in a separate accrual balance which will be visible on the pay stub. Employees will only have access to these accrued hours for purposes purpose of elected cash out. Employees who elect a pay out twice per year and who have not accrued fifty percent (50%) of their election by July will receive the amount they have earned toward their election and the remaining hours will be paid at the time of their December pay out. Employees who experience a reduction in their overall PTO accrual (i.e. i.e., change in hours worked, etc.) or who stop accruing PTO due to a leave of absence or reaching the annual maximums maximums, for example example, may not reach their full cash out election amount and as such will only be paid what they have accrued toward the cash out election at the time of the payout. Additionally, the employer shall provide a cash out option for unforeseeable emergencies and in an amount reasonably necessary to satisfy the emergency need consistent with the U.S. Department of Treasury regulations. Employees Nurses terminating employment with St. Xxxxxx Medical Center shall not be subject to the limitations above and shall be paid at one hundred percent (100%) % in accordance with Article 11.11 11.12 of the Collective Bargaining Agreement.

Cash Out Option. St. Xxxxxx Medical Center will allow PTO cash outs in accordance with IRS regulations. An employee shall not be eligible for the employee cash out option if: (1) During that period of time that the employee has been suspended from duty pending investigation and determination of appropriate disciplinary action, if any. (2) The employee has been disciplined at the final written warning or suspension level within the preceding three (3) month time period. (3) The employee has been discharged for cause. (4) The employee has voluntarily resigned without the required notice and/or without working out the notice period. Effective November 1, 2015, an eligible employee may elect to cash out up to fifty percent (50%) % of his or her PTO accrual (up to one hundred twenty hours (120) 120 hours). Employees electing to receive cash in lieu of paid time off must indicate their interest in doing so by making an irrevocable election during the November Annual Open Enrollment timeframe each year prior to accruing the time off in the following year. For example, during November an employee may make an irrevocable election to cash out up to no more than fifty percent (50%) % of the PTO hours they will accrue in the next calendar year, not to exceed one hundred twenty (120) hours. Note: Employees accruing PTO at the two hundred (200) 200 hour tier level may elect to cash out up to one hundred (100) 100 hours of PTO in the following year. Employees may elect to receive their cash out in one of the following two ways: 1. : • 100% of election amount paid by December 31(not 31 (not to exceed 120 hours or 100 hours for those accruals at the 200 tier level) 2. • 50% of election amount paid by July 31 (not to exceed 60 hours) and the remaining 50% paid by December 31(not 31 (not to exceed a total of 120 hours or 100 hours for those accruals at the 200 tier level)) PTO cash out requests will be made via the Annual Open Enrollment online system and must be made during the Annual Open Enrollment timeframe. Employees who elect a PTO cash out will accrue their elected PTO cash out hours in a separate accrual balance which will be visible on the pay stub. Employees will only have access to these accrued hours for purposes of elected cash out. Employees who elect a pay out twice per year and who have not accrued fifty percent (50%) % of their election by July will receive the amount they have earned toward their election and the remaining hours will be paid at the time of their December pay out. Employees who experience a reduction in their overall PTO accrual (i.e. change in hours worked, etc.) or who stop accruing PTO due to a leave of absence or reaching the annual maximums for example may not reach their full cash out election amount and as such will only be paid what they have accrued toward the cash out election at the time of the payout. Additionally, the employer shall provide a cash out option for unforeseeable emergencies and in an amount reasonably necessary to satisfy the emergency need consistent with the U.S. Department of Treasury regulations. Employees terminating employment with St. Xxxxxx Medical Center shall not be subject to the limitations above and shall be paid at one hundred percent (100%) % in accordance with Article 11.11 9.12 of the Collective Bargaining Agreement.

Cash Out Option. St. Xxxxxx Xxxxxxx Medical Center will allow PTO cash outs in accordance with IRS regulations. An eligible employee may elect to cash out up to fifty percent (50%) of his or her PTO accrual (up to one hundred twenty hours (120) hours). Employees electing to receive cash in lieu of paid time off must indicate their interest in doing so by making an irrevocable election during the November Annual Open Enrollment timeframe time frame each year prior to accruing the time off in the following year. For example, during November an employee may make an irrevocable election to cash out up to no more than fifty percent (50%) of the PTO hours they will accrue in the next calendar year, not to exceed one hundred twenty ninety two (12092) hours. Note: Employees accruing PTO at the two hundred one hundred-eight four (200184) hour tier level may elect to cash out up to one hundred ninety two (10092) hours of PTO in the following year. Employees may elect to receive their cash out in I one of the following two ways: 1. 100% of election amount paid by December 31(not 31 (not to exceed 120 hours or 100 92 hours for those accruals at the 200 184 tier level) ). 2. 50% of election amount paid by July 31 (not to exceed 60 hours) and the remaining 50% paid by December 31(not 31 (not to exceed a total of 120 hours or 100 92 hours for those accruals at the 200 184 tier level). Employees who elect PTO cash out will accrue their elected PTO cash out hours in a separate accrual balance which will be visible on the pay stub. Employees will only have access to these accrued hours for purposes of elected cash out. Employees who elect a pay out twice per year and who have not accrued fifty percent (50%) of their election by July will receive the amount they have earned toward towards their election and the remaining hours will be paid at the time of their December pay out. Employees who experience a reduction in their overall PTO accrual (i.e. change in hours worked, etc.) or who stop accruing PTO due to a leave of absence or reaching the annual maximums for example may not reach their full cash out election amount and as such will only be paid what they have accrued toward the cash out election at the time of the payout. Additionally, the employer shall provide a cash out option for unforeseeable emergencies and in an the amount reasonably necessary to satisfy the emergency need consistent with the U.S. Department of Treasury regulations. Employees terminating employment with St. Xxxxxx Xxxxxxx Medical Center shall not be subject to the limitations above and shall be paid at one hundred percent (100%) in accordance with Article 11.11 10.6 of the Collective Bargaining Agreement.

Cash Out Option. St. Xxxxxx Medical Center will allow PTO cash outs in accordance with IRS regulations. An eligible employee A nurse may elect to cash out up to fifty percent (50%) % of his or her PTO accrual (up to one hundred twenty hours (120) 120 hours). Employees Nurses electing to receive cash in lieu of paid time off must indicate their interest in doing so by making an irrevocable election during the November Annual Open Enrollment timeframe each calendar year prior to accruing the time off in the following year. For example, during November an employee Annual Enrollment a nurse may make an irrevocable election to cash out up to no more than fifty percent (50%) % of the PTO hours they will accrue in the next calendar year, not to exceed one hundred twenty (120) hours. The payment will be made in the following calendar year during the pay periods defined below. Note: Employees Nurses accruing PTO at the two hundred (200) 200 hour tier level may elect to cash out up to one hundred (100) 100 hours of PTO in the following year. Employees may elect to receive their cash out in one of the following two ways: 1. 100% of election amount paid by December 31(not to exceed 120 hours or 100 hours for those accruals at the 200 tier levelPayments will be made as follows: Fifty percent (50%) 2. 50% of election amount paid by July 31 (not to exceed 60 hours) and the remaining fifty percent (50% %) paid by December 31(not 31 (not to exceed a total of 120 12 hours or 100 hours for those with accrual at the 200 tier level. By December 31– the remaining number of hours not cashed out up to 120 hours annual maximum (100 annual maximum for RNs accruing at the 200 hour tier level). Or one hundred percent (100%) of election amount (not to exceed one hundred twenty (120) hours or one hundred (100) hours for those accruals at the 200 two hundred (200) tier level). Employees who elect PTO cash out will accrue their elected PTO cash out hours in a separate accrual balance which will be visible on the pay stub. Employees will only have access to these accrued hours for purposes purposed of elected cash out. Employees who elect a pay out twice per year and who have not accrued fifty percent (50%) of their election by July will receive the amount they have earned toward their election and the remaining hours will be paid at the time of their December pay out. Employees who experience a reduction in their overall PTO accrual (i.e. i.e., change in hours worked, etc.) or who stop accruing PTO due to a leave of absence or reaching the annual maximums maximums, for example example, may not reach their full cash out election amount and as such will only be paid what they have accrued toward the cash out election at the time tie of the payout. Additionally, the employer shall provide a cash out option for unforeseeable emergencies and in an amount reasonably necessary to satisfy the emergency need consistent with the U.S. Department of Treasury regulations. Employees Nurses terminating employment with St. Xxxxxx Medical Center shall not be subject to the limitations above and shall be paid at one hundred percent (100%) % in accordance with Article 11.11 11.12 of the Collective Bargaining Agreement.

Cash Out Option. St. Xxxxxx Medical Center Xxxxxxxxx Hospital will allow PTO cash outs in accordance with IRS regulations. An eligible employee A nurse may elect to cash out up to fifty percent (50%) % of his or her PTO accrual (up to one hundred twenty hours (120120 hours) hours)in a manner consistent with IRS regulations. Employees Nurses electing to receive cash in lieu of paid time off must indicate their interest in doing so by making an irrevocable election during the November Annual Open Enrollment timeframe annual enrollment each calendar year prior to accruing the time off in the following year. For example, during November an employee Annual Enrollment a nurse may make an irrevocable election to cash out up to no more than fifty percent (50%) % of the PTO hours they will accrue in the next calendar year, not to exceed one hundred twenty (120) hours. The payment will be made in the following calendar year during the pay periods defined below. Note: Employees Nurses accruing PTO at the two hundred (200) 200 hour tier level may elect to cash out up to one hundred (100) 100 hours of PTO in the following year. Employees may elect to receive their cash out in one of the following two ways: 1. 100% of election amount paid by December 31(not to exceed 120 hours or 100 hours for those accruals at the 200 tier levelPayments will be made as follows: Fifty percent (50%) 2. 50% of election amount paid by July 31 (not to exceed 60 hours) and the remaining fifty percent (50% %) paid by December 31(not 31 (not to exceed a total of 120 hours or 100 hours for those with accrual at the 200 tier level. By December 31 – the remaining number of hours not cashed out up to 120 hours annual maximum (100 annual maximum for RNs accruing at the 200 hour tier level). Or one hundred percent (100%) of election amount (not to exceed one hundred twenty (120) hours or one hundred (100) hours for those accruals at the 200 two hundred (200) tier level). Employees who elect PTO cash out will accrue their elected PTO cash out hours in a separate accrual balance which will be visible on the pay stub. Employees will only have access to these accrued hours for purposes of elected cash out. Employees who elect a pay out twice per year and who have not accrued fifty percent (50%) of their election by July will receive the amount they have earned toward their election and the remaining hours will be paid at the time of their December pay out. Employees who experience a reduction in their overall PTO accrual (i.e. i.e., change in hours worked, etc.) or who stop accruing PTO due to a leave of absence or reaching the annual maximums for example may not reach their full cash out election amount and as such will only be paid what they have accrued toward the cash out election at the time of the payout. Additionally, the employer shall provide a cash out option for unforeseeable emergencies and in an amount reasonably necessary to satisfy the emergency need consistent with the U.S. Department of Treasury regulations. Employees terminating employment with St. Xxxxxx Medical Center shall not be subject to the limitations above and shall be paid at one hundred percent (100%) in accordance with Article 11.11 of the Collective Bargaining Agreement.