Payment of sick or leave time at retirement

Upon retiring from active service with the university after ten or more years of service with the state or any of its political subdivisions, an employee may elect to be paid for one-fourth of the accrued but unused sick leave credit up to a maximum of two hundred and forty hours. This payment will be based on the employee’s rate of pay at the time of retirement. Upon accepting such payment, all sick leave credit accrued up to that time will be eliminated. 

Such payment will be made only once to any employee.