Unused Sick Day Incentive Computation. Unused Sick Day Incentive for an eligible employee will be computed by multiplying the employee’s accumulated and unused sick leave times either 35% or 25% of the value per full-time day based on the salary including longevity being received at the time of retirement. Sick leave used in the computation of the incentive will be considered consumed and no longer available to the employee as paid sick leave. Consequently, only the final year’s sick leave allocation will be available for use as the result of bona fide absences due to sickness. Effective September 1, 2015, any employee who is eligible for retirement under the terms of their New York State Retirement System and submits an irrevocable notice of retirement by February 28th shall receive a stipend, that will be computed by multiplying the employee’s accumulated and unused sick leave times 35% of the value per full time day based on the salary including longevity being received at the time of retirement. The effective date of retirement may be June 30th or on the date of retirement eligibility, whichever is later. A member who meets the above criteria except does not submit the notice by February 28th shall receive a stipend that will be computed by multiplying the employee’s accumulated and unused sick leave times 25% of the value per full-time day based on the salary including longevity being received at the time of retirement. Furthermore, a member who meets the above criteria except does not submit the notice by February 28th shall receive a stipend that will be computed by multiplying the employee’s accumulated and unused sick leave times 35% of the value per full-time day based on the salary including longevity being received at the time of retirement if the Sick Bank Committee determines this exception is warranted by an unforeseen life changing event resulting in a bona fide economic hardship, that occurred after February 28th.
