New Rules Affect Service Credit for Sick Leave
The Oklahoma Teachers Retirement System is enhancing the method in which service credit is awarded for unused sick leave days. Administrative Rule 715:10-5-28 has been modified to allow service credit to be awarded for any fraction of a year a client holds in unused sick leave. The additional service credit will be awarded to the client upon retirement. The new rule goes into effect August 1, 2012.
Currently, if you have 120 days of unused sick leave, you will be awarded one additional year of service credit (120/120 = 1). Anything less than 120 days may be combined with a fractional year of contributory service to equal one year of service credit.
Beginning August 1, 2012, if you have less than 120 days of unused sick leave, you will receive a partial year of service. For example, if you have 60 days of unused sick leave days, you will be awarded 0.50 year of service credit (60/120 = 0.50). The partial year awarded for
Summer 2012 / Volume 4 Issue 3
Quarterly Newsletter of the Oklahoma Teachers Retirement System
Board of Trustees
Gary L. Trennepohl, Ph.D.
Sherrie L. Barnes
Roger Gaddis, CPA/CFP®
Elizabeth H. “Beth” Kerr Stewart E. Meyers, Jr.
William L. Peacher
Michael L. Simpson, Ed.D Jonathan Small, CPA
Billie C. Stephenson
James R. Wilbanks, Ph.D.
Assistant Executive Director
Joe Ezzell, CPA
Continued on pg. 3