How does annual leave pay affect my retirement benefit?
Current legislation allows faculty and staff who earn annual leave and enter the TERI program before July 1, 2005, to receive an annual leave payout upon entering the program. One-third of the annual leave payout is added to the average final compensation and the retirement benefit amount is calculated on this amount. Those employees entering the program before July 1, 2005, are eligible to receive a second annual leave payout at the time of separation from the TERI program Faculty and staff who earn annual leave and enter the TERI program after June 30, 2005, will not be paid for annual leave upon entering the program; however, they will receive an annual leave payout at the time of separation from TERI. One-third of their annual leave payout will be added to the average final compensation that was determined when they entered the program, and their retirement benefit will be recalculated on this adjusted amount. Back to top.
Related Questions
- What is the difference between the Employee/Employer Pay Plan and the Employer Pay Plan? How does the choice of plan affect my retirement benefit?
- Where an annual pay rise coincides with an employees maternity leave will this affect her maternity pay?
- How is unused annual leave factored into my retirement benefit?
