(1) Upon retirement or death of an employee, the employee’s accrued PTO benefits shall be cashed out to the employee (or the employee’s estate).

(2) Employees who voluntarily resign or who are laid off by the district due to a reduction in force or lack of work and who have completed at least one year of continuous active service with the district shall be cashed out their accrued PTO benefits; provided, that an employee who voluntarily resigns must provide the district with at least two weeks written notice of resignation as a condition to receiving payment for PTO benefits.

(3) Employees who are involuntarily terminated by the district for any reason other than as set forth in subsection (2) of this section shall not be eligible for a cash out of their accrued PTO, and such PTO shall be forfeited upon termination of employment.

(4) For purposes of this PTO policy, cash outs of PTO benefits shall be at a rate of 100 percent. PTO cash outs shall be calculated based upon the employee’s then-regular base hourly wage or salary (excluding overtime or any premium, specialty or incentive pay). The cash out of PTO shall be calculated effective of the date of an employee’s last day of actual work for the district, and shall be paid out on the next regular payday.

(5) PTO cash outs prior to December 31, 2018, will be permitted up to the employee’s accrued PTO balance.

(6) PTO cash outs after December 31, 2018, shall, in all cases, be capped at the maximum accrual of 480 hours.

(7) Employees will be notified of their PTO balances each month on their pay stub and/or separate statement, including accrued PTO leave since the last notification, used PTO since the last notification, and the current balance of PTO available for use. [Res. 767 § 2.6, 2018.]