Employment Law
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Answered in 4 minutes by:
9/14/2011
Phillips Esq., Attorney-at-Law
Category: Employment Law
Satisfied Customers: 39,532
Experience: B.A.; M.B.A.; J.D.
VerifiedThank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.
Could you review your post and correct because you have conflicting information?
You retire in 34 years or after 34 years of service?
Discount rate is 5% instead of 25%
"Our company is switching to a PTO instead of a vacation/sick leave plan. Our exhisting plan allows for 240 hours of carry over vacation time. If you have any hour over that you lose them. In switching over to a PTO plan, we are now only allowed to carry over 120 hours. This remainder has to be used before the end of the year or you can take a check for the hours. In receiving the cash buy back, they will only pay my 25% of my wages due to the fact that I retire in 34 years. Here is their wording on the explanation.
"Discounted Present Value of Future Leave Payout in full retirement age year for 5% discount rate assuming future excess accrued leave at year-end 2011 amount."
Since I have earned these vacation hours at my payrate, should I not be compensated fully for the hours?"
Could you review your post and correct because you have conflicting information?
You retire in 34 years or after 34 years of service?
Discount rate is 5% instead of 25%
"Our company is switching to a PTO instead of a vacation/sick leave plan. Our exhisting plan allows for 240 hours of carry over vacation time. If you have any hour over that you lose them. In switching over to a PTO plan, we are now only allowed to carry over 120 hours. This remainder has to be used before the end of the year or you can take a check for the hours. In receiving the cash buy back, they will only pay my 25% of my wages due to the fact that I retire in 34 years. Here is their wording on the explanation.
"Discounted Present Value of Future Leave Payout in full retirement age year for 5% discount rate assuming future excess accrued leave at year-end 2011 amount."
Since I have earned these vacation hours at my payrate, should I not be compensated fully for the hours?"
LawTalk, Attorney
Category: Employment Law
Satisfied Customers: 37,877
Experience: 30+ years legal experience and I keep current in Employment Law through regular continuing education.
VerifiedGood morning,
I'm sorry to hear of your dilemma.
As your previous expert has opted out, I can assist you.
Iowa has no law which requires that an employer pay accrued vacation pay at termination, and it is left to the policies of the employer whether they choose to do so.
To the extent that the employer wants to make a modification of benefits, they may do so by providing advance notice of their intent to do so. What they may not do is retroactively make benefit modifications that result in a loss to an employee.
When a company decided to change the way that benefits are awarded---as is the case in your situation, they may do things like decrease carry-over limits. However, in addition to giving advanced notice of the intent to do so, they must also give a reasonable amount of time to employees to avoid a loss---which in this case will require that your company allow employees to take time off so as not to lose their accrued vacation time above the new 120 hour limit.
If you are not allowed to take the excess time off, then you have a solid legal argument for demanding that you be paid in full---based on your present hourly salary---for the hours taken by the new rules.
The employer may legally give you the option of being paid 25 cents on the dollar---and the didn't need to go to such measures of determining your retirement age----but the simple fact is that if they will not allow you to take the time off---they must pay you in full.
I wish you the best in 2011.
I'm sorry to hear of your dilemma.
As your previous expert has opted out, I can assist you.
Iowa has no law which requires that an employer pay accrued vacation pay at termination, and it is left to the policies of the employer whether they choose to do so.
To the extent that the employer wants to make a modification of benefits, they may do so by providing advance notice of their intent to do so. What they may not do is retroactively make benefit modifications that result in a loss to an employee.
When a company decided to change the way that benefits are awarded---as is the case in your situation, they may do things like decrease carry-over limits. However, in addition to giving advanced notice of the intent to do so, they must also give a reasonable amount of time to employees to avoid a loss---which in this case will require that your company allow employees to take time off so as not to lose their accrued vacation time above the new 120 hour limit.
If you are not allowed to take the excess time off, then you have a solid legal argument for demanding that you be paid in full---based on your present hourly salary---for the hours taken by the new rules.
The employer may legally give you the option of being paid 25 cents on the dollar---and the didn't need to go to such measures of determining your retirement age----but the simple fact is that if they will not allow you to take the time off---they must pay you in full.
I wish you the best in 2011.
Because I help people here, like you, for a living---this is not a hobby for me, and I sincerely ***** ***** abiding by the honor system as regards ***** ***** I wish you and your family the best in your respective futures.
Would you be so kind as to Accept my Answer so that I may be compensated for assisting you? Bonuses for greatly informative and helpful answers are very much appreciated. Thanks Again,
Doug
LawTalk, Attorney
Category: Employment Law
Satisfied Customers: 37,877
Experience: 30+ years legal experience and I keep current in Employment Law through regular continuing education.
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