Planning on cashing in PTO hours? Here are important reminders.
If you participated in the 2018 PTO cash-in, the deadline for electing a cash-in for unused elected hours is 5 pm Friday, Dec. 21, 2018. Make your election on Employee Space in Infor. If you do not make an election, the balance of what you had elected will be paid out in the Dec. 27, 2018 pay.
You can only cash in PTO time in 2019 that you earn during that same year. You may elect cash-in on request (you pick the pay period to elect a specific number of hours to cash in during 2019, provided you have accrued sufficient PTO hours in 2019 before that pay period). Or you may elect per-pay cash-in (you elect to cash in a specific, fixed number of hours in 25 pay periods during 2019, beginning with the Jan. 24, 2019 paycheck).
Check the PTO fact sheet on HRConnect for the maximum hours you may cash in, based on your years of service.
Any PTO elected for cash-in during this election period will be taxed, when paid to you, at the IRS Supplemental Wage Rate in compliance with IRS rules; all taxes (federal, state, Social Security and Medicare) on the cash-in will total about 40 percent.
Use the PTO calculator on Employee Space to project your 2019 time-off needs. You can make or change your 2019 cash-in election up until Dec. 7, 2018 at 5 pm. Under IRS regulations, you may not change your PTO cash-in election after it has been made.
Employees will receive more information at home about the PTO cash-in process the week of Nov. 12. If you have questions or need more information, contact HRConnect, the YNHHS benefits service center, 844-543-2147 or www.ynhhs.org/hrconnect.
