PTO Sell Back Program Sample Clauses

PTO Sell Back Program. Employees may elect to sell back PTO once per calendar year. To be eligible the employee must have utilized at least 80 hours of PTO for vacation in the 26 pay periods preceding the request. Program participants must maintain a balance of 240 hours of PTO. PTO Sell Back request forms may be obtained from Human Resources or on the Depot. PTO will be paid at the actual wage rate in effect at the time of sell-back. Payment of PTO under the sell-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 sold under the program is not subject to PERS withholding or counted as wages for retirement calculation purposes. PTO sell-back payments will be processed by the Payroll Department along with the normal biweekly payroll. No manual or off-cycle checks will be issued. PTO sell-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 sell 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 or into the employees’ 457 plan.
Sample 1
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