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Must vacation time be paid out at separation?

After five years of employment with your company, Sheila gives her notice. You’re sad to see her go, because she’s been a dedicated employee. In fact, she’s been so dedicated, you could never convince her to use much of the paid time off (PTO) she had accrued. Now she expects to get a payout for all that accrued PTO. Must your company pay Sheila for her unused PTO?