Accumulated Sick Leave Program
The purpose of this program is to provide a meaningful value to accumulated and unused sick leave for Central Staff and Agency employees who are eligible to retire under SDSU Research Foundation's Post Retirement Health Care Benefits Plan. It recognizes the additional time worked by employees who have accumulated sick leave and is designed to encourage employees to conserve sick leave for emergency and unforeseen situations.
Eligibility
Central Staff and Agency Regular Salaried employees who are eligible to retire under SDSU Research Foundation's Post Retirement Health Care Benefits Plan. To be eligible for payment, employees must retire, and receive TIAA-CREF retirement income by the first of the month following their retirement date.
Sick Leave Program for Active Employees
- For full-time employees who are eligible to accrue sick leave, sick leave is credited at the rate of four hours each pay period. If a Regular Salaried employee is employed on less than a full-time (100% FTE) basis, the applicable sick leave accrual rate will be prorated based on the actual percent of effort.
- Sick leave can be used for employee illness, certain family member's illness, doctor and dental appointments.
- All unused sick leave hours accumulate and carry over from year to year of employment.
Benefit Description
- Employees will be paid a percentage of their annual salary rate at retirement. The percentage is determined by the balance of unused sick leave hours and the age of the employee at retirement.
- Payment will be made as a single cash payment.
Payout Schedule
| Age at Retirement | Percent of Final Annual Salary For Every 1,000 Accrued Sick Hours |
|---|---|
| 50 | 6.0 |
| 51 | 6.5 |
| 52 | 7.0 |
| 53 | 7.5 |
| 54 | 8.0 |
| 55 | 8.5 |
| 56 | 9.0 |
| 57 | 9.5 |
| 58 | 10.0 |
| 59 | 10.5 |
| 60 | 11.0 |
| 61 | 11.5 |
| 62 | 12.0 |
| 63+ | 12.5 |
Example Payouts
| Retirement Age |
Sick Hours |
Annual Salary |
Benefit Percentage |
Lump Sum Payment |
|
|---|---|---|---|---|---|
| Retiree A | 58 | 1,500 | $40,000 | 10% | $6,000 |
| Retiree B | 65 | 2,000 | $50,000 | 12.5% | $12,500 |
| Retiree C | 60 | 750 | $30,000 | 11% | $2,475 |