This bill modifies retirement benefits for state employees.
This bill:
- establishes the Unused Sick Leave Retirement Option Program III (Program III) for state employees;
- provides that, under Program III, a state employee employed on or after January 4, 2014, receives a payment equal to 50% of the value of the employee's unused sick leave hours, calculated at the employee's rate of pay at the time of retirement;
- allows a state employee with unused Program I or Program II sick leave hours to make a one-time, irrevocable election to convert those hours to Program III sick leave hours eligible for the 50% payment described above; and
- makes technical and conforming changes.

Statutes affected:
Introduced: 49-22-403, 49-23-403, 63A-17-505, 63A-17-506, 63A-17-507, 63A-17-508