Overview
You may elect to purchase PTO hours during annual benefits enrollment each year for use in the next calendar year. If you are hired after Annual Benefits Enrollment ends, you can elect to purchase PTO hours no later than December 31 of the year in which you are hired for use in the next calendar year. Once the calendar year begins, you cannot elect to purchase PTO time until the next Annual Benefits Enrollment period.
Additional Details
Comprehensive information about this benefit plan is contained within the Paid Time Off Benefit Plan Summary (PDF). In addition, below is some important information about the plan:
- Your supervisor must approve the use of your purchased PTO. It is important that you decide carefully when purchasing PTO as you cannot make changes, nor can you stop or start deductions for PTO purchase midyear.
- Purchased PTO cannot be carried over to the following year. Purchased PTO is used last (after you have used your carryover and regular earned time for the year).
- Purchased PTO must be used during the calendar year or be cashed out during Annual Benefits Enrollment. Any remaining purchased PTO time that is not cashed out or not used by the end of the calendar year will be forfeited.
- Reimbursement for unused, cashed out purchased PTO time will be made in December. Refunds for unused purchased time are considered taxable income (except in New Jersey and Pennsylvania).
If you have questions about PTO Purchase Cash Out, contact the Employee Services Unit (ESU) at 4-ESU@travelers.com or 800.441.4378.
Eligibility
Regular status, full-time salaried employees can purchase up to 48 hours of additional PTO time in four-hour increments during each Annual Benefits Enrollment period.
Part-time employees scheduled to work at least 20 hours per week may purchase PTO hours equivalent to six days based on their scheduled hours in four-hour increments.
Related Programs & Resources
The following programs and resources may be useful when determining whether or not to participate in the PTO Purchase Plan:
How to Enroll
During Annual Benefits Enrollment, you will be provided with information on the cost to purchase additional PTO time. The cost will generally be based on your base salary as of December 31 of the year before the year for which you are electing purchased PTO. For example, the cost for purchased PTO time for 2009 will be based on your base salary as of December 31, 2008.
Access the How to Enroll page for enrollment instructions.
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