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 for more details.
Please note the following information about the PTO sell-back periods:
- An online Sell Back Election form must be submitted during the election month in order to receive a PTO sell-back distribution. Employees will receive an email and online confirmation that their election was received for processing. The submission of the Sell Back Election form does not limit the use of the PTO during any period. If no election form is submitted, then the employee is assumed to not have elected to use PTO sell-back for that election period.
- Employees on the Traditional Leave Program will have an opportunity to request conversion to PTO Leave (click here for comparison). These employees may also request a sell-back following the PTO conversion.