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Policy Statement
ACE continues to make a conscience effort to ensure its business practices does not contribute to the student debt crisis. With this in mind, we are offering all full-time employees the ability to convert any unused personal time off (PTO) towards 529 College Savings Plans or Student Loan Principal Only payments.
Eligibility
All full-time employees, staff and faculty, who accrue PTO or FPTO (further referred to as PTO) are eligible for this PTO Conversion benefit.
Overview
Each quarter employees with accrued, unused PTO will have the opportunity to convert any unused PTO to one of the following options:
- Student Loan Principal Only Payment
- Student loan must be in your name or you must be listed as a co-signer
- 529 College Savings Plan
ACE has partnered with SoFi to manage the conversions and payments directly to the identified accounts (Student Loan or 529 College Savings Plan) via a Financial Dashboard. Participants will be required to create accounts and opt into the Conversion program each quarter.
Guidelines
At the end of each quarter (March, June, September, & December) there will be a minimum of two weeks for employees to enroll in the quarter’s conversion option on ACE’s SoFi dashboard. Participants will be required to enroll and opt in each quarter. All PTO conversions are made at the employee’s current regular rate of pay as of the date of the conversion. Full hour increments must be made (i.e.- half an hour would not count in this instance).
Annual Conversion Minimums and Maximums:
- A minimum of 8 hours (in full-hour increments)
- A maximum of 80 hours (in full-hour increments)
- Less than $5,000 annually in a calendar year
All conversions amounts are considered taxable income to employees and will be reported as such on W2’s.
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