(a) Upon retirement or death, any employee or beneficiary of any employee of any agency of the State of Arkansas shall receive compensation for accumulated unused sick leave as follows:

(1) If the employee has accumulated at least fifty (50) days but fewer than sixty (60) days of sick leave, the employee shall receive an amount equal to fifty percent (50%) of the number of accrued sick leave days rounded to the nearest day multiplied by fifty percent (50%) of the employee's daily salary;

(2) If the employee has accumulated at least sixty (60) days but fewer than seventy (70) days of sick leave, the employee shall receive an amount equal to sixty percent (60%) of the number of accrued sick leave days rounded to the nearest day multiplied by sixty percent (60%) of the employee's daily salary;

(3) If the employee has accumulated at least seventy (70) days but fewer than eighty (80) days of sick leave, the employee shall receive an amount equal to seventy percent (70%) of the number of accrued sick days rounded to the nearest day multiplied by seventy percent (70%) of the employee's daily salary; and

(4) If the employee has accumulated at least eighty (80) or more days of sick leave, the employee shall receive an amount equal to eighty percent (80%) of the number of accrued sick leave days rounded to the nearest day multiplied by eighty percent (80%) of the employee's daily salary.

(b) For purposes of this section, the employee's daily salary shall be determined by dividing the annual salary by two hundred sixty (260).

(c) The Office of Personnel Management shall promulgate regulations necessary to implement this subchapter.

(d) In no event shall an employee or beneficiary of an employee receive an amount that exceeds seven thousand five hundred dollars ($7,500) upon retirement or death due to the provisions of this section.