PTO Buy-Back Policy and Request Form



PTO Buy-Back Policy

Employees are afforded the opportunity to “sell back” accrued PTO. In order to “encourage” the use of leave, the company will buy back PTO at a reduced rate of 75% of the value of the forfeited leave. To avoid the loss of leave at year end for PTO balances in excess of the allowable cap (see “PTO Cap section above), all excess hours may be sold back to the company at the reduced rate. Furthermore, an employee may also sell up to ½ of his/her leave balance in excess of 40 hours back to the company at the reduced rate. Newberry will buy back PTO at a reduced rate of 75% of the value of the forfeited leave.

• Employees may sell back 100% of their PTO in excess of the PTO Cap.

• Employees may sell up to one-half (½) of their accrued PTO balance, in excess of 40 hours.

• Employees may elect to sell back PTO at any time during the year, however, employees desiring to sell back PTO at year end, and wanting to receive cash for PTO during the current calendar year, the cutoff for making a request is December 15th. Requests made after December 15th will appear on your payroll in January of the next calendar year.

• Employees may only sell back PTO one time per calendar year.

• The 75% dollar value of the employee’s PTO buy-back request will be direct deposited, and will be processed during the next pay period, following the request.

• Newberry is not obligated to buy back PTO, and reserves the right to deny or defer the buy-back of PTO when business conditions warrant.

Employee First & Last Name:

     

Employee ID #:

     

Employee Contact Phone #:

     

I wish to sell back       hours from my PTO Bank.

[pic]

Employee’s Signature Date

[pic]

HR Approval Signature Date

[pic]

CFO Approval Signature Date

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download