Frequently Asked Questions: Leaving Your Job
What happens to PTO time when I retire? Time in the Short Term Bank
(STB) and Long Term Bank (LTB) is paid 100% at retirement.
At retirement the unused time in your Short Term Bank and Long Term Bank can
be treated in one of two ways: 1) you may receive 100% of accrued and unused
hours in a lump sum payment based on your base rate of pay in effect at the time
of retirement, or 2) you may receive 100% of your current base rate of pay for
each Short Term Bank and Long Term Bank hour until all hours are exhausted,
extending service to retirement date. PTO does not accrue during any of these
pay out periods.
Time in the Carry Over Bank (COB): Sick days do not have cash value at retirement.
However, if you are a non-exempt employee you may receive
credited service for these days as detailed under the Employees' Retirement
Plan. Exempt employees will not be credited with service, since their retirement
plan (the 403b) is not based on length of service.
If you are vested in both the exempt and non-exempt retirement plans, you will receive 100% of your accrued and unused hours in the Short Term Bank
and Long Term Bank as described above.
Why can biweekly employees use their COB hours toward years of
credited service at retirement and monthly employees cannot?
- The hourly retirement plan (Employees' Retirement Plan - ERP) is a defined benefit plan (guaranteed
benefit) and years of service is one of the factors in calculating the
retirement benefit.
- The salaried retirement plan is a defined contribution plan and years of
service is not a factor (it is based upon contribution).
What happens to PTO time if I quit my job? You will receive 100 percent of your accrued and unused Short Term Bank hours if
you have worked for more than one year. If you have worked less than one year
but more than 90 days, you will receive 50 percent of accrued and unused Short
Term Bank hours. You will receive no payment for STB if you have worked less
than 90 days. Long Term Bank: You will not be paid for hours in your Long Term Bank at the time of
termination.
What happens to PTO time if I transfer to another job at Duke? If you transfer to a job anywhere within Duke University Health System
(including Durham Regional Hospital and Duke Raleigh Hospital), your PTO
time will remain intact. If you transfer to a job within the Medical School or Duke University, the
following transition rules will occur: 73% of the time in your Short Term Bank
will be placed in your Vacation bank. 27% of the time in the Short Term Bank
plus 100% of the time in your Long Term Bank and Carry Over Bank will be placed
in your sick time bank.
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