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I just got mine today. Left mid July so second pay cycle after leaving.
We get paid 100% of remaining PTO right?
My last day was mid pay cycle (let’s say the 8th of the month). I didn’t get it on the 15th but I got it on the next one at the end of the month (so 2 pay cycles later). Not long. HR told me it would be that way too (1-2 pay cycles to hit).
Thanks covid for my fat PTO payout!
Congrats on whatever you’re next gig is!
I believe they reverse the accrual for the month you leave because a full month is granted at mid month paycheck. I had an 8 hour reduction and left mid month - which is exactly half a months accrual.
Following coz im about to leave the firm too!😬
A good few months from my experience
Do you know if the PTO payout is taxed the same way as regular pay or is it taxed more? For clarity, I’m in New York.
It’s taxed as a bonus.
Do they force Directors to take remaining PTO when you put in your two month notice?
No - they will waive the 60 day requirement unless there’s reason to make the departure acrimonious.
From a tax standpoint you are better using as much PTO as you can versus getting paid off.
A friend actually got pushed into a higher tax bracket because of her PTO
Payout.
Agreed with K3. It’s all W-2 box 1 income.