ARM 2.43.2109. RECEIPT OF SERVICE CREDIT ON OR AFTER TERMINATION OF EMPLOYMENT

(1) A member terminating employment shall receive service credit for lump sum payments for which required contributions have been made of severance pay or paid leave, including banked holiday time, vacation, personal, sick, or compensatory leave, received in the month following termination of employment unless the member elects to retire effective that month. A member may not receive service credit for lump-sum payments and a retirement benefit for the same month.