PTO cash-in election period Nov. 20 – Dec. 15

Planning on cashing in PTO hours? Here are important reminders.

  • The deadline for electing a cash-in for 2018 PTO hours is Friday, December 15, 2017 at 5 pm. Make your election on Employee Self Service (ESS). Under IRS regulations, you may not change your PTO cash-in election after it has been made.
  • You can only cash in PTO time in 2018 that you earn during that same year. You can elect cash-in On Request (you elect a specific number of PTO hours to cash in when you want during 2018, as long as you have accrued sufficient PTO hours in 2018). Or you can elect Per Pay cash-in (you elect to cash in a specific, fixed number of hours in 25 pay periods during 2018, beginning with the second paycheck on Jan. 25, 2018.)
  • The maximum hours you can cash in is based on your years of service. Check the PTO fact sheet on ESS for your maximum hours.
  • 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 ESS, under the Benefits tab) to project your time-off needs for 2018. You can make or change your cash-in election up until the deadline of December 15 at 5 pm. You cannot change your election during 2018.
  • Employees will receive additional information at home regarding the PTO cash-in process the week of November 13. If you have questions or need more information, contact HRConnect, the YNHHS benefits service center, at 844-543-21HR or www.ynhhs.org/hrconnect.