As we monitor the impact COVID-19 has on our organization, we recognize that PTO continues to be a need for many members of our employee family. To support varied needs during this time, we are announcing two new PTO resources.
One-time PTO Cash Out
As we work together to meet critical needs, it may be difficult for employees to use PTO. We are offering a one-time PTO cash out that allows eligible employees to receive payout of PTO hours that have already accrued up to a defined maximum.
To be eligible for PTO cash out:
- Employees must have at least 160 hours of available PTO.
- Employees may cash out up to a maximum of 160 hours of PTO. Upon cash out, the employee’s remaining PTO balance must be at least 80 hours.
Guidelines for processing of PTO cash out payments:
In accordance with IRS guidelines regarding constructive receipt, eligible employees will receive 99% of the value of PTO hours. The remaining 1% will be processed as a donation to the PTO donation bank.
To apply, employees may submit a PTO Cash Out Form through myHR between November 30 and 3:00 p.m. on Friday, December 11. Eligible hours will be paid as a separate direct deposit with the December 17 paycheck.
Flexibility for PTO Use
To provide additional PTO support and flexibility, benefit-eligible employees can go negative in their PTO bank up to one week of their regularly scheduled hours. This means that a full-time employee who works 40 hours per week is eligible to use up to 40 hours of PTO that results in a negative PTO bank balance. This program launched in June, and we are extending it through Q1 2021.
Thank you for your continued commitment to excellence and for supporting one another as we serve our community during this challenging time.