PTO Buy Back Program. The Hospital encourages employees to use their PTO for time away from work. For as long as the Hospital’s policy permits, the Hospital will offer employees the opportunity to convert a certain number of hours in their PTO bank to a discounted cash payment.
PTO Buy Back Program. Employees may sell back to the City up to 80 hours of their PTO in any calendar year if the following conditions are met: The employee has used (taken) at least 40 hours of PTO during the preceding calendar year. The employee must have at least 40 hours of vacation remaining after the buy- back of some of the accumulated vacation.
PTO Buy Back Program. Employees may elect to buy back PTO once per calendar year. To be eligible the employee must have utilized at least 80 hours of PTO in the 26 pay periods preceding the request. Program participants must maintain a balance of 240 hours of PTO. PTO Buy Back request forms may be obtained from Human Resources or on the Depot. PTO will be paid at the actual wage rate in eRect at the time of buy-back. Payment of PTO under the buy-back program is taxable income and will be reported as such on the employee’s W2. If the employee is not sure how this payment will impact their personal tax situation, they should seek advice of a tax professional. PTO purchased under the program is not subject to PERS withholding or counted as wages for retirement calculation purposes. PTO buy-back payments will be processed by the Payroll Department along with the normal biweekly payroll. No manual of oR-cycle checks will be issued. PTO buy-back requests received by the Payroll Department before the end of the current pay period will be processed and if eligibility is verified payment will be included on the scheduled pay date for that period. PTO buy back payments, if determined to be allowable by the IRS, can be contributed to the employee’s IRC 115 Retiree Medical Reimbursement Trust account to be used for post- retirement medical expenses.
PTO Buy Back Program. Twice a year, the Hospital will allow employees to be paid for PTO hours earned and accumulated in their PTO bank. An employee may sell back up to a maximum of 40 PTO hours in a year at a discounted rate, as long as the employee's PTO balance is at least 80 PTO hours prior to the buy back. The payouts will be made in the employee's paycheck in June and/or December. To receive a payout in June, the employee must notify Hospital Human Resources on or about May 1 of the number of PTO hours that the employee would like to buy back. To receive a payout in December, the employee must notify Hospital Human Resources on or about November 1 of the number of PTO hours that the employee would like to buy back. Nothing in the Article shall preclude the Hospital from establishing a program to allow employees to donate PTO hours to a pool to help other Hospital employees who have exhausted their own PTO balances due to recurring illnesses or to increase the number of hours that may be cashed out to a particular classification or group of employees.
