Do I lose Paid Time Off when my company is taken over?

[jrc204]

What is the name of your state (only U.S. law)? Connecticut

Hi,

I live in Connecticut.

I would like clarification on the laws regarding accrued 'paid time off', when an employee leaves a company due to the company being taken over.

I am currently working for a company which is being bought on June 1st. I have a lot of paid time off accrued, and I am concerned that I will lose the time that is owed to me, as my current employer is avoiding the question of what will happen to the time when my company is finally bought out.

I do not intend to work for the new company after June 1st in any event.

I understand that if I resign my position and leave the company prior to June 1st (the take over date), the company will be required by law to pay me for my accrued time off. Out of interest, if I do resign and leave prior to the 1st June, and they decide to break the law by not paying me out for my 'paid time off', then will I be able to make any recompense against a company that no longer exists after June 1st?

However, if I stay to the bitter end, and leave when the company is finally taken over, will I still be entitled to be paid for my time off?

I am concerned about this and any help or advise is greatly appreciated.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?

 

[cbg]

In your state there is no unconditional requirement that the company pay out unused vacation or PTO at termination. Therefore, it will be entirely up to company policy and the terms of the sale whether to pay it out or not.

They are not required by law to pay it out regardless of when you leave. They are only required to follow their own policies.

 

[jrc204]

Thanks for the super fast response. It sounds as though I may have been misinformed about what is and isn't required by law.

I have a feeling that the company policy regarding paid time-off may be being hastily rewritten at this very moment, and I'm going to lose out. I feel a few sick days coming on before myself and the company part ways. I need to get a little pay back after all. Thanks again.

 

[pattytx]

You mention sick days, and I would note that NO state requires that sick accruals be paid out at termination.