2024 Paid Time Bank (PTB) Cash-In

LG Health offers employees the opportunity to “cash in” up to 80 hours in May and/or November of unused but accrued 2024 hours.

The time frame to elect a 2024 Cash-In is December 3-16, 2023. Employees must elect during this time, or they will not be eligible for the 2023 calendar year and cash in will not be processed.

Elections cannot be added, changed or cancelled after the election period for any reason.

What You Need To Know For 2024

• Employees may elect to cash in a maximum of 80 PTB hours for each payout date (a total of 160 hours in calendar year 2024).
• New IRS guidelines require that employees only cash in PTB hours accrued in the year which they are paid. Hours accrued in calendar year 2023 will not be available for cash in.
• In the event an employee elects to cash in PTB hours in 2024, but does not have the accrued hours at the time of payment (May 17 or Nov. 15), the cash in will only occur for the number of hours remaining that are available for cash-in payment.

Cash-In elections will be paid on the following dates: May 17 and November 15, 2024.

Cash-In Eligibility:

All employees of LG Health* who are eligible for the PTB accrual are able to participate in the 2024 PTB Cash-In. *Employees below 0.2 FTE with LGH, below 0.4 FTE with LGMG, allotment plan participants and employed with Lancaster City Alliance are ineligible to participate.

Quick Links:
PTB Cash In QRG

Questions? Please email: PTO-Questions@Pennmedicine.upenn.edu