UNC Medical Center will offer Paid Time Off (PTO) sell-back election periods quarterly to employees. To be eligible for the sell-back options, employees must have at least 88 hours of PTO available.
Employees are eligible to automatically receive a sell-back based on their election of 25%, 50%, 75% or 100% of all hours over 80 with a minimum of eight hours required for distribution.
An employee electing to sell-back hours during the sell-back period will receive 90 percent of the base rate cash value of requested PTO sell-back hours at the time of distribution. A 10 percent forfeiture of cash value is necessary to make this plan compatible with IRS regulations regarding taxability. Click here to read more details.