Voluntary Cash-out of PTO Hours While an Active Employee. Employees may cash-out any amount of their accrued Paid Time Off hours, provided the employee has a minimum balance of two work weeks of Paid Time Off hours remaining immediately following the cash out. Cash-outs shall be processed at the employee’s current hourly rate of pay as recorded in the payroll system. A "Paid Time Off Cash-Out Request and Waiver" form must be submitted to Payroll by the payroll deadline.
Voluntary Cash-out of PTO Hours While an Active Employee. Employees may request a voluntary cash-out of a portion of their PTO balance. These cash outs are paid as a lump sum and based on the employee’s base hourly rate at the time of the payment. The cash out payments are subject to standard payroll withholding taxes. • Cash-out of PTO hours earned during the upcoming year This benefit requires an advance election to avoid a 10% forfeiture. This process conforms to IRS regulations and there will be no exceptions to this process. Elections will not carry over from one calendar year to the next calendar year. Prior to the last business day in December employees have the opportunity to submit an irrevocable request to cash out PTO hours that will be accrued (earned) in the following year. PTO cash-out elections cannot exceed the PTO earned during the year of the payment and the employee must have at least two weeks of accrued PTO available as of the last paycheck of December of the year the request is made when the request is made.
