I resigned couple of weeks back, and was expecting Cigna to pay for my unused PTOs for this year. Has the policy changed? I know we can’t carryover from one year to the other, but what about the PTOs I accrued till now?
Also does Cigna also take back my profit earned from my stocks along with any unvested stocks?
Every employee starts the year with front-loaded PTO now. If you know you are planning on leaving and you're exempt (salaried) use it! This is because you won't get it cashed out.
You could also request 2 weeks to coincide with your last 2 weeks.
No matter, I don't think you can cash out any PTO if you resign. Maybe you can cash out the 24 hours carried over, but not the front-loaded PTO.
@OP With the VRP, they paid out my unused PTO with my last paycheck. Two months after my last paycheck as an employee, I got a letter saying they overpaid me and it gave me the option of paying them back via credit card or check. I laughed SO hard as I shredded that letter.
Wow - that's awful. Thank goodness with my VRP, they paid my unused PTO.
Yeh, they will not pay you out unless it's state law, I know California forces them to pay it out but not what other states do as well.
Yes. It changed last year. They stole from you, consider it a pay cut.
Unused PTO is forfeited but overused PTO is clawed back. What a wonderful company...
Cigna changed their policy last year that unused PTO would NOT be paid out. It was changed to a use it or lose it policy. I did not see a change in the stock vesting. You would lose the unvested portion of the stocks, but should keep the vested portion, including the profits. May have to pay capital gains if you did not keep the stock for a few years.