Is cashing out of PTO possible? How about cash for family emergency situations?
Please let me know.
3 replies (most recent on top)
Yes it is available. I have been adding 20 hrs to my paycheck for the past 2 months. Especially now since no mention of a bonus and no overtime for Thanksgiving
They say 75% but it is taxed like crazy and you end up getting about 45% of what it's worth. If you quit you get 100% and fewer taxes. I had so much PTO accrued and needed to buy a car so I cashed some out. Not worth it if not an emergency. Also always save some PTO for if you have to be out of work longer than what short term disability covers. Stores can also occasionally do PTO drive or donations for TM emergencies. Talk to TMSS.
From innerview:
"Can I Cash-Out My Unused PTO?
A feature of the PTO plan is a PTO Cash-Out, which is offered during Annual Enrollment, generally held near the end of each calendar year. The PTO Cash-Out allows an eligible Team Member to cash out all or any portion of their PTO balance at a reduced rate equal to 75% of the value of the balance they elect to cash out. Once made, this election cannot be changed. The cash payment will be made in January of the immediately following calendar year. Team Members on the Floating Holiday Plan are not eligible for the PTO Cash Out."