1. Upon retiring from active service with the university after ten or more years of service with the state or any of its political subdivisions, an employee may elect to be paid for one-fourth of the accrued but unused sick leave credit up to a maximum of one-fourth of one hundred twenty days. This payment will be based upon the employee’s rate of pay at the time of retirement. Upon accepting such payment, all sick leave credit accrued up to that time will be eliminated.
2. Such payment will be made only once to any employee.
3. The maximum payment allowed will be one-fourth of one hundred twenty days. Sick leave conversion does not apply to any termination or separation other than retirement.