Payment to Staff Employees for Unused Paid Time-Off and Compensatory Time
ERIP-2013 Participants who are Staff employees will receive a lump-sum payment for accrued but unused paid time-off benefits and compensatory time as of their separation date, in accordance with normal University policies and the same as any other separating employee. The brief summary below identifies the types of paid time-off benefits and compensatory time applicable to different categories of staff employees:
- Professional Staff
- Bonus Holidays, if applicable with PB plan status
- PTO hours
- Vacation for PB plan status, up to 200 hours plus number of hours earned in a year
- Honorary Vacation up to 480 hours, if applicable
- Sick Bank hours at 25% pay from 152 hours through 312 hours and 50% pay for all hours above 312, if covered by the IU Retirement Plan with 11.25% contributions and if qualified for IU Retiree Status (no pay from 1 hour through 151 hours)
- Compensatory time for PAO and PAU Staff
- Support and Service Staff
- Vacation hours balance up to a maximum of 872 hours for 30 or more years of IU service. Based on years of service and University policy
- Income Protection hours at 25% pay from 152 hours through 312 hours and 50% pay for all hours above 312, if qualified for IU Retiree Status (no pay from 1 hour through 151 hours)
- Compensatory time
All calculations for payment of any unused paid time-off are to be based on normal University policies.
This payment will be made to all Staff ERIP-2013 Participants in a single lump-sum, less all deductions for local, state and federal taxes legally required to be withheld, will be paid during the month following separation.
More information about the payment of unused paid time-off and compensatory time is located at hr.iu.edu/policies/index.html.