Paid Time Off (PTO) Policy
Summary
North Harbor Wealth Management recognizes that employees need time off from work during the course of the year to address personal needs, religious or personal
observances, and leisure pursuits. To address these needs while most effectively accommodating the business priorities of the company, the Paid Time Off (PTO) Policy
allows employees the flexibility they need while assuring business needs are covered.
Eligibility
· Regular Employees scheduled at 20 or more hours per week – Eligible for PTO
· Regular Employees scheduled at less than 20 hours per week – Ineligible for PTO
· Temporary Employees and interns regardless of scheduled hours – Ineligible for PTO
Policy
PTO allotment is based on years of service. To facilitate tracking and administration of PTO for employees working different schedules, PTO accrues in hours.
Determining years of service
On January 1 each year an employee receives credit for the number of years of service the employee will have completed by the end of that year. For example, on January 1
of the year in which an employee’s 10th service anniversary falls, the employee begins accruing PTO at the applicable 10-year rate in the table above.
PTO accrual rate for employees working fewer than 40 hours
Since not all employees work forty hours per week, the accrual rates in the table above do not apply to everyone. The multipliers below determine the proportional
monthly and annual accrual totals for employees working fewer than 40 hours per week:
For an example of calculating PTO accrual for an employee who is scheduled to work fewer than 40 hours per week, refer to Appendix I.
PTO accrual balance
PTO accrues on a monthly basis. Employees may have access to their entire pool of PTO as of January 1 of each year by borrowing PTO days which have not yet accrued.
However, in the event of employment termination, any PTO used in excess of what the terminating employee has accrued to date is deducted from the employee’s final
pay. Although employees can request all of their time off as early as January, scheduling time off is subject to leader approval. Leaders will approve or deny requests based
on business needs.
PTO accrual cap
The total accrual balance for every employee will be capped at 6 weeks (30 days). Meaning, once employees reach 30 days of accrued time off, they will stop accruing PTO
days until they use some of their vacation.
PTO accrual for new hires
Total PTO accrued during an employee’s first year of service is prorated based on the employee’s hire date and probationary period, accruing on a monthly basis for each
full month of service. New hires probationary period must end on the first working day of a month to accrue PTO for that month.
PTO accrual during leave of absence
An employee who takes an approved FMLA, salary continuation (short-term disability), military, new hire medical, or sabbatical leave of absence continues to accrue PTO
during the leave. Refer to the specific leave policies for information about using PTO during leave of absence. An employee who takes a personal or unpaid medical leave of
absence stops accruing PTO as of the first day of the leave, and resumes accruing PTO upon returning to active status, subject to the following: if the return is on the first
workday of a month, the employee receives an accrual for that month; if the return is after the first workday of the month, PTO accrual resumes the following month.
PTO accrual for rehired employee
An employee who leaves the company and is subsequently rehired receives credit for prior service with the company in accordance with established policies.
Defining business-driven holidays and discretionary days
An employee’s PTO pool does not include time for business driven holidays and discretionary days.
Business-driven holidays are weekdays on which the company will generally be closed for business.
North Harbor Wealth Management generally follows the New York Stock Exchange’s designated holiday schedule.
New Year’s Day
Martin Luther King, Jr. Day
President’s Day
Good Friday
Memorial Day
Juneteenth
Independence Day
Labor Day
Thanksgiving Day
Day after Thanksgiving
Christmas Eve
Christmas Day
Discretionary days
Discretionary days are PTO days that an employee may schedule for any reason other than a business- driven holiday, in accordance with procedures.
Scheduling discretionary PTO
We give appropriate consideration when employees request time off for personal observances that may not be designated as business-driven holidays. With Leader
approval, employees can schedule PTO days at any time throughout the calendar year. Unused PTO does carry over to the following year up to a maximum annual accrual
of 4 weeks in 1 calendar year. Any PTO carry over that would exceed the 4 week annual maximum will be forfeited if not used. In the event a conflict exists among PTO
requests, a leader approves PTO according to the operating needs of the business, with consideration given to other factors, including but not limited to the purpose of the
PTO, employee’s length of service, and length of time since a requesting employee’s last PTO usage.
Using PTO
For each full day of PTO, the employee reports the number of regularly scheduled work hours as “Paid PTO”, and the employees accrued PTO decreases by that many hours.
PTO MUST be confirmed with payroll/HR manager every time it is used. “Unpaid PTO” is not allowed. Should you exhaust your paid vacation time and need excess time out
of the office you will need to apply for a leave of absence should one be appropriate, or each period will count as an occurrence. After 5 occurrences you will be placed on a
performance improvement plan.
Using PTO for inclement weather and office closures
To meet customer needs, North Harbor Wealth Management makes every attempt to remain open as scheduled and expects its employees to report to work each day that
their work location is open. Nonetheless, we recognize that employees need to make their own decisions about traveling in inclement weather. Therefore, if because of
extreme weather conditions an employee elects to stay home on a day when the office is open, the employee can be paid for the day by using PTO. If the employee does
not use PTO, the time is considered “unpaid excused”. In the event that an official state of emergency or national disaster has been declared, leaders use discretion in
determining whether to close a specific location. In the event of a location closing, employees who are scheduled to work at that location and unable to work from an
alternate location are not expected to report to work or use PTO, but are paid for the day. If an employee’s office is closed for any unusual circumstance while the employee
is out on PTO, the employee is charged with a PTO day and does not receive additional paid time off.
Working on a business-driven holiday
The company generally does not conduct normal operations on business-driven holidays. However, the employees may be required to work on a business-driven holiday
occasionally, in order to meet urgent business objectives. An employee may also choose to work on a business-driven voluntarily. In either scenario the employee is
entitled to use the worked business-driven holiday at a later date as a floating holiday. If you work a business-driven holiday you must notify management to have the days
credited to your BUILT account.
Requesting PTO
In order to make sure that business needs are met PTO requests must be submitted to Michael Raymer through the BUILT for teams site within the following time requirements:
