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:

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: