(1) Effective January 1, 2019, an employee may have a maximum accrual of 480 hours of PTO at any time.

(2) Existing employees whose PTO benefits exceed this maximum accrual amount during 2018 must either use this excess PTO by December 31, 2018, or they will receive a one-time cash out of the excess PTO accrued to them as of December 31, 2018, which cash out shall be paid to the employee in the final payroll period of 2018.

(3) Effective January 1, 2018, employees who use a minimum of 80 hours of PTO benefits during a calendar year, but who still have at least 400 hours of accrued PTO benefits as of December 31st of each calendar year, may elect upon written application to the general manager to cash out up to 40 hours of said accrued PTO benefits. Additionally, employees who use a minimum of 120 hours of PTO benefits during a calendar year, but who still have at least 400 hours of accrued PTO benefits as of December 31st of each calendar year, may elect upon written application to the general manager to cash out an additional 40 hours, for a total of 80 hours, of said accrued PTO benefits. In order to receive this cash out, employees must submit their written application to the general manager no later than December 15th of each year, and such cash outs shall be paid to the employee in the final payroll period of each calendar year. [Res. 767 § 2.5, 2018.]