It’s PTO Sell Back Time! Everything You Need To Know For 2020 PTO Sell Back
It’s here – the one time this year that you can cash out (sell back) extra PTO you have accrued. We always encourage team members to use PTO to relax and refresh, but we know sometimes you still have extra.
Here’s all the information you need to know, including some new details, to cash out (sell back) some PTO hours for 2020:
Who is eligible to cash out (sell back) PTO?
- All full-time and part-time team members budgeted as a .5 FTE (that’s half-time) or greater with at least one year of service are eligible
- Full-time team members budgeted as a .875 – 1.0 FTE must maintain 160 hours in their bank after cashing out hours
- Part-time team members budgeted as a .5 – .85 FTE will have their required PTO bank after cashing out hours prorated as follows:.5 FTE = 80 hours, .6 FTE = 96 hours, .7 FTE = 112 hours, .8 FTE = 128 hours, .85 FTE = 136 hours
How much will I receive for the PTO I sell back?
The PTO hours you cash out during this annual sellback period will be paid at $.90 on the dollar. This means, you will receive 90% pay for the hours you cash out.
Do I have to take PTO before I cash out PTO?
Yes, all team members must have used at least one week’s equivalent of PTO in the past 12 months in order to be eligible for sellback. Please note, the PTO days don’t have to be consecutive.
What do I need to do to cash out PTO?
- You must enter the hours you want to cash out through Infor-Lawson Employee Self Service (your supervisor will not be able to enter hours for you). You must log in to Infor/Lawson (red icon on your desktop or through Citrix)
- To enter hours:
- Log in to Infor/Lawson via your desktop or though Citrix
- Click on PTO Sell Back at the top of the page
- Enter the number of hours to be cashed out
- Click the Save button in the upper left-hand corner
- When asked to enter an effective date, click the today button
- You can go back in as many times as you wish to change the amount you have entered
Will I have to pay taxes on the PTO cash out?
Yes, the IRS requires taxes on this type of check. The tax rate for 2020 is 35%.
When do I enter my hours and when is the cash out direct deposited?
- You can enter your hours from November 11 through noon on November 17
- Checks will be direct-deposited into your bank account on November 19
What if I am transferring to HCA Healthcare January 1, 2021?
If you are part of the group transitioning to HCA Healthcare on January 1, there will be a follow-up communication with information about your PTO transfer and options for cashing out hours.
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