A. Beginning on July 1, 2020, a member who has acquired the minimum number of years of contributory employment to be eligible for retirement benefits under the Educational Retirement Act may pay to have unused sick leave, earned from the member's contributory employment and for which the member has otherwise not received payment, converted to earned service credit, up to a maximum of:
(1) six days of unused sick leave per year of contributory employment; and
(2) four calendar quarters of earned service credit.
B. The following standards apply to the conversion of unused sick leave to earned service credit under this section:
(1) eight hours of sick leave equals one day of sick leave;
(2) thirty-eight to eighty-two days of sick leave equals one quarter of earned service credit;
(3) eighty-three to one hundred twenty-seven days of sick leave equals two quarters of earned service credit;
(4) one hundred twenty-eight to one hundred seventy-two days of sick leave equals three quarters of earned service credit; and
(5) one hundred seventy-three or more days of sick leave equals four quarters of service credit.
C. A member who elects to convert unused sick leave to earned service credit under this section shall, in accordance with rules that the board shall establish, submit to the board verification from local administrative units of the member's unused sick leave.
D. The cost to a member of converting unused sick leave to earned service credit is the actuarial present value, as determined by the board, of the benefit attributable to the conversion. The board shall establish rules pertaining to payments for converting unused sick leave to earned service credit.
History: Laws 2019, ch. 31, § 1.
Effective dates. — Laws 2019, ch. 31, § 2 made Laws 2019, ch. 31 effective July 1, 2020.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.