The University encourages the responsible tracking and accumulation of sick leave by employees. If a serious illness or accident should befall an employee, the University can extend compensation and benefits in only three ways: sick leave, vacation leave, and the University’s Long Term Disability Insurance benefits, which begin 90 days after the onset of a disability or illness. Employees are encouraged to accumulate enough sick leave to cover this 90-day “gap” between a disability and the beginning of benefits. Therefore, there is a 65-day “cutoff” in the University’s sick leave buy-back program.
Sixty-five days is the lowest threshold of accrued sick leave an employee must have to participate. Between 1 and 65 days are considered “qualifying days” and are not bought back.
Rates for buy-back of accumulated sick leave in excess of 65 days are as follows:
1-65 days do not qualify
66 - 120 days qualify at 3% of full daily value. Days are calculated at their full daily rate and paid at 3% of total value.
121 - 216 days qualify at 5% of full daily value. The 5% applies only to the days in excess of 120 days (days between 121 and 216, in other words; days 1-65 do not qualify and days 66-120 are valued at 3%).
217 - 300 days qualify at 8% of full daily value. The 8% applies only to the days between 217 and 300.
301 - 360 days qualify at 12% of full daily value. These days are calculated and paid using the same valuation principles expressed above.
361 or more days qualify at 15% of full daily value. These days are calculated and paid using the same valuation principles expressed above.