Section 31IAC5-10-4. Leave valuation and maximum

   (a) Subject to subsection (b), for the purpose 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 hours of sick, vacation, and personal leave that the retiree had accrued but which 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 of creditable service but less than fifteen (15) years of creditable service.

(B) Thirty-five percent (35%), for a retiree with at least fifteen (15) years of creditable service 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) In no event is the eligible retiree entitled to more than an aggregate of five thousand dollars ($5,000) gross compensation under this retiree leave conversion program. (State Personnel Department; 31 IAC 5-10-4; filed May 10, 2012, 2:32 p.m.: 20120606-IR-031110446FRA)