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You are paid out for them if you leave the company
You lose all but 40 hours at Dec 31, and then lose those in April. You don't get paid for them, they're just a contribution to the partner pension program.
;(
You have to be paid out if you live in CA. Not sure about other locations. Also if your firm is going to require its resources to take PTO, they must be informed 90 days (? - could be 6 months?) in advance if they're located in CA. CA DOL is supposed to crack down on that this December (due to the amount of companies requiring mandatory PTO during furloughs).