Improve Employee Morale and Reduce Balance Sheet Liability with PTO Exchange

Insight By
Michael LoVasco
Topic
Employee Benefits

Prior to the pandemic, employees had a tough time spending their hard-earned time off. For 2018 (the latest year data is available), more than half (55%) of American workers reported not using all their days off - totaling 768 million unused vacation days for that year, up +9% vs. 2017, according to a survey commissioned by the US Travel Association [1].

In 2020, these trends were significantly accelerated due to COVID-19, and many employers have been struggling with high PTO balances as employees forego vacation or let their vacation days expire. Listen to our interview with Josh to learn how employees can unlock the value of unused PTO and make contributions towards meaningful benefits, such as retirement accounts, student loan repayment, travel, charitable causes, and more.

Insight By
Michael LoVasco
Executive Vice President
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Not applicable

Topic
Employee Benefits
Published on

May 12, 2021

updated on

May 12, 2021

Disclosure

This article is for educational purposes only. The tax and legal references attached herein are designed to provide accurate and authoritative information with regard to the subject matter covered and are provided with the understanding that LoVasco Consulting Group is not engaged in rendering tax or legal services. If tax or legal advice is required, you should consult your accountant or attorney. LoVasco Consulting Group does not replace those advisors.

Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a registered broker dealer and Investment Advisor, member FINRA / SIPC. LoVasco Consulting Group is independently owned and operated.

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