Faculty Handbook: Policies Governing Faculty Service
3.16  Lump Sum Terminal Pay

Universitywide Administrative Memorandum 440.4, revised March 7, 1980

When an individual ceases to be an employee of the University, any unused annual leave as of his/her last duty date shall be liquidated by a lump sum payment not to exceed thirty working days, inclusive of holidays. Although leave time is calculated by the hourly rate, leave usage can be paid out to the smallest increment of a quarter hour.  Accrued unpaid leave shall be calculated as follows: divide the annual salary rate (or twelve times the monthly salary rate) by 2080 to obtain the hourly rate; multiply the hourly rate by the number of hours of accrued unpaid leave (to a maximum of thirty days). This shall be the amount of lump sum payment due for unused leave. Final payment shall include all monies due up to and including the last day of work, which shall be the employee’s date of termination. The position being vacated may be filled on the day following the date of termination, provided all aspects of the University’s Affirmative Action and Equal Employment Opportunity Plans have been met.