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newper
 Post subject: Docked or Sell Early
PostPosted: Fri Oct 27, 2017 7:21 pm 
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Many people don't use all of their PTO before the end of the year, and are docked either the total of the remainder or anything more than 40 hours. Some companies offer the option to sell PTO back to the company during benefits enrollment, which is something you may want to consider if you frequently find yourself having to "burn" PTO towards the end of the year. Be aware though that you may be selling at a lower than 1:1 rate -- some companies pay 50 cents on the dollar.

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Employers may deem that a cash-out feature meets their vacation strategy. Strategy considerations include:

* Allowing employees the flexibility to buy and sell to accommodate vacation plans that can change over the course of an entire plan year.
* Designing the plan to support employees who get sick and need PTO while still rewarding those who do not use it by buying back unused time.
* Encouraging cash-out of unused PTO to be applied to other benefits areas, such as retirement accounts.
* Providing the possibility of getting extra pay at the end of the year and of not risking forfeiture of vacation or cash benefits encourages employees to use the benefit.

When using a cash-out strategy, some employers reimburse sold PTO days on a dollar-for-dollar basis, whereas others apply a reduced rate (e.g., 50 cents on the dollar). Also, consider how cash-out values will be determined for pay out—at the original purchase rate or based on the employee's compensation when the cash-out occurs.


More info here: https://www.shrm.org/resourcesandtools/ ... ferit.aspx

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Killer V
 Post subject: Re: Docked or Sell Early
PostPosted: Sat Oct 28, 2017 6:39 am 
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This is like saving up your sick time to "earn" another year towards retirement or taking the payout. You get dimes on the dollar comparatively.

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denisdman
 Post subject: Re: Docked or Sell Early
PostPosted: Sat Oct 28, 2017 6:58 am 
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We can carry up to 18 months worth of PTO bank, then you just lose it. The point of those days is to take time for work life balance. Cashing it out is silly.

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312player
 Post subject: Re: Docked or Sell Early
PostPosted: Sat Oct 28, 2017 11:35 am 
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Take your time off, life's short.

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redskingreg
 Post subject: Re: Docked or Sell Early
PostPosted: Sat Oct 28, 2017 5:03 pm 
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Right. Use it. Went to Nashville, Seattle, Canada, and denver this year.

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K Effective
 Post subject: Re: Docked or Sell Early
PostPosted: Sun Oct 29, 2017 11:41 am 
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MY company provides 24 hours each year of PTO- three days off for the average OBAC, but only two shifts for me. ALWAYS use the PTO up first when taking a week off, none of it rolls over. But we can carry over up to 80 hours of vacation from year to year, and last year they gave us the chance to apply to roll even more, due to some plant/schedule issues, so I rolled 95. 80 of that was from my very first year with the company, so that time has more than doubled in value.
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casual fan
 Post subject: Re: Docked or Sell Early
PostPosted: Mon Oct 30, 2017 1:03 pm 
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I use all of my time each year. Need time away to recharge. However, my company will let vacation time carry over forever. In theory, I could not take a day off and then leave for 3 months in 2022 (not sure I would actually have a job after that, but in theory....)

We have an office worker that has been here about 20 years. She routinely didn't use all her vacation time. She transferred to the sales side (no longer hourly) a couple years ago and the company wrote her a check for about 200 hours of vacation time she hadn't used.
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Brick
 Post subject: Re: Docked or Sell Early
PostPosted: Mon Oct 30, 2017 1:05 pm 
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When you are old and sitting in a retirement home will you ever say "I'm glad that instead of using my vacation time I went to work!"?

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denisdman
 Post subject: Re: Docked or Sell Early
PostPosted: Mon Oct 30, 2017 1:09 pm 
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Boilermaker Rick wrote:
When you are old and sitting in a retirement home will you ever say "I'm glad that instead of using my vacation time I went to work!"?


I've been at my current job long enough where I have a large annual allotment. Many people find it tough to take all their time since we have a generous policy. A few tips that work great for burning days in a constructive manner.

-Take some Fridays in the summer off. Shorter work week and nice long weekend. You'll thank me.
-Take the week of Thanksgiving off. For most folks, that only requires three PTO days, and you are off for nine.
-Take the week between Xmas and New Years off. It is always quiet with so many people taking time off. So those days in the office go by super slow.

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Brick
 Post subject: Re: Docked or Sell Early
PostPosted: Mon Oct 30, 2017 1:11 pm 
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denisdman wrote:
Boilermaker Rick wrote:
When you are old and sitting in a retirement home will you ever say "I'm glad that instead of using my vacation time I went to work!"?


I've been at my current job long enough where I have a large annual allotment. Many people find it tough to take all their time since we have a generous policy. A few tips that work great for burning days in a constructive manner.

-Take some Fridays in the summer off. Shorter work week and nice long weekend. You'll thank me.
-Take the week of Thanksgiving off. For most folks, that only requires three PTO days, and you are off for nine.
-Take the week between Xmas and New Years off. It is always quiet with so many people taking time off. So those days in the office go by super slow.
Yeah. That's what my dad would always do. His company was very generous. Thanks unions!

Also, anyone who can leave the Midwest for a week in January or February and chooses not to is making a mistake.

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newper
 Post subject: Re: Docked or Sell Early
PostPosted: Mon Oct 30, 2017 5:17 pm 
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Boilermaker Rick wrote:
Also, anyone who can leave the Midwest for a week in January or February and chooses not to is making a mistake.

I went to Mexico for a week about 2.5 weeks before Christmas... weather was awesome and nice to get away from the 24 hour a day Christmassing of everything.

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Frank Coztansa
 Post subject: Re: Docked or Sell Early
PostPosted: Tue Oct 31, 2017 10:00 am 
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That sounds like a terrible time to leave town. Give me all the Christmas parties, drinks, lights, craft shows,etc. And then give me more.

Leaving for warm weather in February is about perfect. The holidays are done, you are sick of the cold, but its stays light out a little longer and its close enough to March & April that you know nice weather is in the not too distant future.

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newper
 Post subject: Re: Docked or Sell Early
PostPosted: Tue Oct 31, 2017 6:14 pm 
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Frank Coztansa wrote:
That sounds like a terrible time to leave town. Give me all the Christmas parties, drinks, lights, craft shows,etc. And then give me more.

Bah, humbug!

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pittmike
 Post subject: Re: Docked or Sell Early
PostPosted: Tue Oct 31, 2017 7:09 pm 
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Yep February is the ticket.

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Drunk Squirrel
 Post subject: Re: Docked or Sell Early
PostPosted: Tue Oct 31, 2017 8:43 pm 
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Wife always talks about getting out of here for the holidays to avoid family stuff. I’m in favor of the February escape. Hell, I’m okay with late March or early April.
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W_Z
 Post subject: Re: Docked or Sell Early
PostPosted: Wed Nov 01, 2017 6:37 am 
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we can carry up to 3 days over to the next year. this year, i'd actually prefer "cashing" out the days. i have to burn a lot between now and new year's and i think i may as well use them in december...but i can't take a "rest of the year off" thing because i'll be too behind coming back in january.
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