As recently announced, in July 2014, Vanderbilt University Medical Center will make two adjustments to its flexPTO program.
• Instead of accruing flexPTO time each month, you will receive your full allotment at the beginning of the fiscal year in July. This gives you a full year to use all of your time — take it when you need it.
• Unused flexPTO time will no longer carry over from year to year, nor will it be paid out when you leave or retire from Vanderbilt.
The program’s core elements will remain the same. You’ll still receive the same amount of time off each year, and can still use it in the ways that suit you best. You will also still be able to use any grandfathered sick time you have accrued to cover your or your family’s illnesses or injuries.
To help ease the quick transition to this new program, employees who will not use all of their accrued flexPTO time by June 30 will have three options:
• You may cash out your accrued flexPTO time bank at the end of fiscal year 2014 at 50 percent of your current pay rate. For cash out purposes, the end of the fiscal year will be June 28 for non-exempt employees or June 30 for exempt employees.
• You may carry the time over to use during fiscal year 2015. FlexPTO time used in fiscal year 2015 will be deducted from this accrued bank first, and any remaining time at the end of June 2015 can be cashed out at 50 percent of your current pay rate.
• You may choose to cash out a portion of your flexPTO time, and carry over the rest.
Your department leaders will discuss the new program in more detail at an upcoming team meeting. You can also learn more by visiting the Medical Center flexPTO program website. You will need your VUNet ID and password to access the site.
