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It looks like I'm basically going to be "out" $9k if it happened today. They are really pushing the narrative that no one needs to use their accrued PTO before June 3rd; they dont want half the firm disappearing in May. They are also not specifying when we'll know the actual plan, so it will be too late to take any actual action (can't let non-partners benefit from the deal).
Except let's pretend I have 200 hours and the person next to me has 0. They immediately get on the "unlimited" plan, while I have to use my accrued PTO before I enter the plan.
I understand I don't actually lose my chance at PTO, but the value of that PTO goes from $9k to $0 on June 3rd. As of June 3rd, just erase my PTO balance because it literally doesn't matter at that point other than they have to show it coming off their books for legal reasons. The best option is to literally "cash" in on my PTO before June 3rd, and then immediately get "unlimted" PTO.
The only issue with this is that the firm is refusing to answer how this will work because they can't afford any of the options. They can't afford half the firm disappearing for a month, and they can't afford the payout.
They gotta save money somewhere to pay out the 7.5% “bonus”
It’s the same deal BT gave. First payout was 12/6, second will be 6/1 of this year
Chief
Some states have 5 days max that they need to payout. A few force the full amount. It really varies by state though.
I agree I believe this varies by state. CA as an example has a statute/reg regarding PTO payout.
Pro
It’s very legal…EY did it when they switched to unlimited PTO
I believe that is state/country dependent. No overarching legal mandate that I’ve seen
It has been communicated that accrued PTO would be banked and used first and once that had been exhausted we would switch to unlimited. I assume it is legal because so many lawyers are involved. Legal but unfair
Dang.. that’s crappy
My earned pto is worth more than this retention bonus so if they are not going to pay it out they need to let us know asap. There is no reason to stay and I have lost compensation promised to me.
The updated FAQ specifically states no payout on PTO. I would suggest using what you can in May.