Hi everyone, I know this has been asked before, but I didn’t bother to read.
I’ve been banking my PTO for a while for a little extra cash when I’m out in August.
Will that money just be added to my final paycheck then?
Thanks in advance.
21 replies (most recent on top)
Any idea how long it takes to disperse the severance pay itself?
Yes correct management decision to allow earned vacation to be taken prior to retirement. Since Cigna took four months to deny my short term disability they burned thru 40 k worth of vacation and now I loose almost a 100 a month for life having to retire early. Awful way to go after 30!years
Totally different thing. The assumption was they were declining to pay you for your pto. It’s a management decision determined typically by staffing to allow an employee to take time off (sometimes weeks or months) prior to retiring. Crappy but it happens especially during these do more with less chase off experienced people times.
Sorry
To clarify,, they will pay my pto if I quit. They will not allow me to use time off to get to retirement. My choices are to work and then get paid for pto or quit now at reduced pension. Stinks
Accrued PTO will be calculated If QTD is 8/31, PTO will be in your 9/14 check along with you’re final weeks pay (8/25/8/31) and any prorated bonus.
You are legally entitled to the accrued PTO. Your choice as to take it in cash or as paid vacation.
Your team manager is an id--t. Call Human Resources. If they waffle call a lawyer. You have accrued and are owed the PTO if you leave.
I'm confused how you can be told PTO cannot be paid out? Seems like it's pretty set in stone. What was the reason given?
I was 26 days from retirement and told biz decision to not pay my vacation. Only option is to work four and a half months. Liars after 30 years!
Your hourly rate is on your check stub you do not have to calculate it! It is also on the last raise you got.
I think that's what they were trying to do.
Salary/52 = weekly
Weekly/38.75 = hourly
Hourly * PTO hours accumulated = pretax amount
Huh? Convert your salary to hourly wage and multiple times number of PTO hours you have.
Is the cash out calculated by (Salary/(5238.75))Hours of PTO?
Think it’s taxed at 22% now
I retired and cashed mine out. The taxes killed me.
Yes same way
Does the cashing out of PTO occur the same way if you quit and give two weeks notice? In other words, do you get a separate direct deposit the week after your last worked day?
can confirm 22% as @1quy noted
PTO and Severance are both taxed at the current 22% federal withholding rate. The prorated bonus is taxed at the higher annualized rate. This is straight out of the Severance Workshop documents.
They will tax that PTO at 40%...so be prepared.
Separate check (deposit) about a week after QTD. Severance also separate deposit. Any bonus (EIP, MIP, etc) is calculated at 100% them prorated and paid as part of last full paycheck. Then you’ll get one week pay (remember pay is a week behind) and it’s done.
Good luck.