Paid Time Off cash-out elections for 2024

This applies to LLUMC-M, MC, USS, and UHC employees.

In accordance with our PTO policy, benefit-eligible employees may make a voluntary election to cash out up to 80 hours of PTO each year. IRS regulations require cash-out elections to be submitted prior to the beginning of the year during which the hours will be accrued. This means employees who want to cash out PTO hours during 2024 must submit an online Paid Time Off Cash-Out Electronic Form no later than December 31, 2023.

A few things you should know:

• After the December 31 deadline, cash-out elections are irrevocable and cannot be cancelled or changed. However, election changes can be made prior to the deadline by resubmitting a new form online.
• After you have submitted an election form, an email confirmation receipt will be sent to your email address. If you do not receive an email confirmation, the form was not submitted successfully.
• PTO cash-outs are limited to a maximum of 80 hours per year and will only be processed if the employee maintains the required minimum balance of 80 PTO hours at the time the cash-out is processed.
• PTO cash-outs will be processed in July and December in accordance with the guidelines listed below: 
  • Up to 40 hours of the requested PTO cash-out will be automatically processed with the regular on-cycle payroll during the first pay period ending in July.
  • If the employee has elected to cash out more than 40 hours of PTO, the employee will receive the remaining PTO cash-out election up to 40 hours during the first pay period ending in December.
• If the employee’s available PTO balance (above 80 hours) is less than the cash-out election, or if the employee does not accrue enough PTO in the 2024 calendar year to cover the cash-out, only the available hours will be cashed out.
• Employees may contribute some or all of the PTO cash-out to the AHRP 403(b) retirement plan (up to the annual plan limits). This allows an employee to maximize the 50% AHRP employer matching contribution and defer state and federal taxes. The AHRP one-time election form is available on One Portal under HRM/Benefits. 

Questions: Please contact Payroll at Payroll@llu.edu or call 909-651-4004 or ext. 14004.