Paid Time Off (PTO)
You may use your Paid Time Off hours for sick days, vacation time, holidays, bereavement (beyond bereavement policy), doctor appointments, and other personal time off from work. You must obtain approval in advance from your supervisor before using your PTO hours.
Banner Health automatically provides this coverage for eligible employees. No enrollment is required.
Detailed information on this benefit such as eligibility, plan coverage, limitations and contact information can be found in the Summary Plan Description (SPD) and the Benefit Summary by clicking on the links below.
Who is eligible
You are eligible for Paid Time Off if you are scheduled to work 32 hours or more per pay period and are classified as a regular full-time or part-time employee.
PTO benefits for eligible employees are based on hours worked and your length of service.
Maximum PTO Days
You can earn up to a maximum of twice your yearly PTO Days. When you reach your maximum, you will not earn additional PTO hours until you reduce your balance.
Cashing Out Hours
You have the option of cashing out earned PTO one time per calendar year. The amount of PTO that you can cash out is dependent on your length of service with Banner as indicated. The cash out is paid at 94 percent. The remaining 6 percent is forfeited based on IRS guidelines. The forfeited amount will not be paid during employment or upon termination. PTO Cash Out is considered supplemental income, taxes will be withheld at the rate of 25 percent.
You may request to cash out PTO hours when your PTO balance exceeds 80 hours. You must cash out a minimum of 8 hours of PTO when requesting PTO cash out. The remaining balance must not drop below 80 hours. You can cash out PTO once per payroll year at any time during the payroll year. The PTO cash out will be paid in the payroll period that it is requested.
Update On Cash Out
Effective October 27, 2008: PTO Cash Outs will no longer be available. For further details, please refer to Cost-Savings Measures portion of the Employee Intranet site.
PTO Donation
You can donate PTO to another employee in need. Limitations do apply. For information see the Personal Emergency Policy in your policy manual.
Important to Note
This insert contains highlights of your PTO Program. The details of how the benefit works are included in the policies and procedures, which govern how the benefits operate. In the event of a difference between this insert and the policies and procedures, the policies and procedures will rule. This insert does not imply a contract of employment or guarantee of benefits. Banner Health reserves the right to change or discontinue all or part of the PTO benefit at any time, for any reason.
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