If I am a Staff employee who will receive Terminal Pay for unused vacation and PTO leave upon retirement from Indiana University, will that impact my 18/20 Retirement Plan payments?
Yes, the Interim benefit will be reduced by the Terminal Pay Amount, excluding any payment for Staff Honorary Leave. The reduction will be applied to the first monthly Interim Benefit payment and will continue until the total “reduction” is satisfied. However, the Terminal Pay reduction will not apply to continued contributions.
Related Questions
- If I am a Staff employee who will receive Terminal Pay for unused vacation and PTO leave upon retirement from Indiana University, will that impact my 18/20 Retirement Plan payments?
- Is an employer required to pay an employee unused vacation or other accrued leave upon termination of employment?
- Does an employee receive payment for unused vacation or sick leave upon termination?
