PTO If You Terminate Employment
If you leave McLeod and meet specific guidelines, you may be paid for any unused, accrued PTO. You will not be eligible to receive payment for accrued PTO, and accrued PTO will be lost, if you:
- Leave McLeod before completing one year of continuous benefits-eligible service at the time of separation,
- Fail to work a required notice or
- Are dismissed involuntarily for any reason.
PTO Sell Program
McLeod recognizes that not everyone has the same time-off needs. A PTO Sell opportunity is usually available in November and/or May. If you meet the eligibility criteria, you will be able to sell your PTO time. The criteria* will require that you:
- Retain at least 100 available hours in your PTO bank after your sell request
Due to IRS tax rules, McLeod applies an early withdrawal penalty of 10%, called a “haircut provision,” on all monies voluntarily cashed out. This is a voluntary PTO Sell Program. You can choose to keep your time in your PTO bank and continue to use it to meet your time-off needs.
* Criteria are subject to change.