PTO Sell Back Sample Clauses
A PTO Sell Back clause allows employees to exchange accrued paid time off (PTO) for monetary compensation instead of taking time off. Typically, this clause outlines eligibility requirements, such as a minimum PTO balance, and specifies the process for requesting a sell back, including any limits on the amount of PTO that can be sold in a given period. The core function of this clause is to provide flexibility for employees who prefer additional income over time off, while also helping employers manage PTO liabilities.
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PTO Sell Back. In order to incentivize optimal use of paid time off, the County will allow employees to redeem up to forty (40) hours of paid time off in the first pay period of November if the following criteria are met: • Employee has a balance of at least 800 hours of PTO • Employee has used a minimum of three weeks of PTO during the 12 months preceding the first pay period of November. This option may be exercised once each fiscal year. Such a request shall be in writing, and department approval shall be required. PTO sell back may not be used in conjunction with any PTO donation.
PTO Sell Back. Employees may elect to convert to cash up to one half their annual accrual of PTO per fiscal year.
PTO Sell Back. The employee may sell between twenty (20) to forty (40) PTO hours each April and August for a maximum of eighty (80) PTO hours per calendar year. The employee must make their election to sell back PTO hours in the tax year prior to the tax year in which the PTO sell back is paid. The employee must have accrued the minimum number of hours for such sell back in the same tax year in which the sell back occurs. The rate of pay shall be at the applicable straight time rate at the time of the sell back. PTO sell back administrative procedures shall, in any event, be in accordance with current IRS tax regulations.
PTO Sell Back. Day shift employees may sell back up to a maximum of one hundred and twenty (120) hours of PTO leave each April. Employees will be paid for no more than one hundred and twenty (120) hours at a rate equal to one hundred percent (100%) of their base wage plus incentive pays.
PTO Sell Back. The Employer allows all Registered Nurses to sell back 100 hours of PTO provided they have at least 300 hours in their PTO bank up to a maximum of two times per calendar year. PTO sell back hours will be paid at Registered Nurse's current base rate of pay. Registered Nurses must sell back 100 hours in one block, other requests will not be considered. If a Registered Nurse wants to sell back 100 hours of PTO, the Registered Nurse must submit a request to Human Resources and the request will be processed on a pay period basis. A separate check may be requested in writing by a Registered Nurse; however, if a separate check is not requested the payment will appear in the Registered Nurse’s next paycheck.
PTO Sell Back. Employees may “sell back” up to 40 hours of earned and unused PTO in 8-hour increments, subject to the following:
1. Applications to “sell back” hours will be submitted in writing to Human Resources from April 1 through April 15 of each year covered by this Agreement.
2. Applicants must have at least 40 hours of unscheduled PTO remaining in their bank after the hours are sold back.
3. Payments to eligible applicants will be made at their regular straight time rate of pay, exclusive of any premiums, and will be paid no later than the first full pay period after June 1 of the same calendar year.
PTO Sell Back. 1. There shall be two PTO sell back opportunities/calendar year (which shall be at least six (6) months apart within each calendar year), in which employees may convert accrued PTO into cash. Employees may sell back up to one hundred (100) hours/opportunity, for a total of 200 hours/calendar year. The sell back price shall be 75% of the employee’s base hourly rate. To be sold back, hours must be accrued and available and a minimum balance of twenty (20) hours must be retained at time of sell back. The Employer shall give the Union thirty (30) days prior notice of each payout date.
2. Employees who have requested PTO time, which has been denied by Virtua, shall have time off scheduled by the Employer or shall be permitted to cash in PTO at 100% of the employee’s base hourly rate that would otherwise be lost due to the accrual limit, at the Employer’s option.
3. Notwithstanding the above, employees may sell back 100 hours at 100% of their base hourly rate at the sell back opportunity in the fall/winter of 2014.
PTO Sell Back. PTO sell back employees may “sell back” up to 40 hours of earned and unused PTO in 8 hour increments, subject to the following: Applicants to “sell back” hours will be submitted in writing to Human Resources from October 1 through October 15 of each year covered by this Agreement. Applicants must have at least 40 hours of unscheduled PTO remaining in their bank after the hours are sold back.
PTO Sell Back. Effective the pay period which includes January 1, 2010, Nurses who have completed six consecutive months of active employment are eligible to sell back PTO accumulated in that calendar year, provided a minimum of 40 hours is maintained in a full-time or weekend package plus Nurse's PTO bank and 20 hours is maintained in a regular part-time, part-time accruing or weekend package Nurse’s PTO Bank and the sellback will only be twice a calendar year. Nurses may complete a sellback authorization form no later than the Thursday prior to the beginning of the second pay period in June and/or December. The sellback amount will be included in the second paycheck in June and/or December. The minimum amount that may be sold back at any one time is eight (8) hours.
PTO Sell Back. At the end of each calendar year, the Pilot shall have the option of selling any unused PTO hours to the Company at the Pilot’s rate of pay effective on December 31st of that calendar year.