31 IAC 5-10-4 Leave valuation and maximum

Sec. 4. (a) Subject to subsection (b), for purposes of the retiree leave conversion program, the value of accrued but unused and uncompensated sick, vacation, or personal leave is determined as follows: STEP ONE: Divide the retiree's regular biweekly salary, as reflected on the state personnel department's staffing report as of the retirement date, by seventy-five (75). STEP TWO: Multiply the quotient determined in STEP ONE by the number of sick, vacation, and personal leave hours the retiree had accrued, but were unused and uncompensated, at the time of separation. STEP THREE: Multiply the product of STEP TWO by the following: (A) Twenty percent (20%), for a retiree with at least ten (10) years, but less than fifteen (15) years, of creditable service. (B) Thirty-five percent (35%), for a retiree with at least fifteen (15) years, but less than twenty (20) years, of creditable service. (C) Fifty percent (50%), for a retiree with at least twenty (20) years of creditable service. (b) An eligible retiree is not entitled to more than the amount specified in IC 5-10-12-5.