The procedures for the Notice Period in UCAR’s Termination Policy (6-7) have been updated to allow retiring employees the opportunity to use accrued vacation or PTO hours prior to retiring.
Employees who terminate employment with UCAR are paid for all accrued and unused PTO or vacation hours. This payment is processed with the employee’s last paycheck as a lump sum. Normally employees may not use PTO or vacation time to extend paychecks beyond their last day worked.
Employees who are retiring may, however, now plan a retirement date so that most accrued PTO or vacation time is used up at the date of retirement. This applies to employees who meet the definition of retiree, (Age (minimum 50) plus Years of Service (minimum 5 years) equaling 65 or more) and must formally indicate retirement as the reason for termination. Retirees are not required to work beyond their retirement date to use PTO or vacation time in this manner.
Additional information concerning retirement can be found at: http://www.fin.ucar.edu/hr/benefits/retirement_guidelines.html
See “Notice Period” in the procedures under UCAR’s Termination Policy (6-7) for additional information: http://www.fin.ucar.edu/polpro/section6/6-7.html