Employees who are nearing their PTO maximum accrual or wish to receive pay in lieu of PTO have the opportunity to take advantage of PTO Buyout. Employees can choose to defer their PTO Buyout Request to 401(k) before or at retirement.
Employees are allowed two requested per calendar year. Maximum request of up to two weeks total (pro-rated based on the employee’s FTE) per calendar year.
Voluntary PTO payouts will be at 90% of the employee’s regular pay rate at the time of payout
The employee must have been employed at UWMF for at least six (6) months
The employee MUST have a remaining balance of at least one-week (pro-rated based on the employee’s FTE); in order to have the PTO payout request approved
How to Request a PTO Buyout
The employee should complete a PTO Buyout Request form and submit it to Human Resources.
PTO will be paid out on the next regular payroll check following the approved request.