"Compensation" means the sum of the following:

1. (1) The fiscal year salary received by an employee.

2. (2) An amount not to exceed two thousand dollars ($2,000) received from the state educational institution in contemplation of the employee's retirement, including severance pay, termination pay, retirement bonus, or commutation of sick leave or personal leave.

   [Pre-2007 Higher Education Recodification Citation: 21-6.1-8-1(1).]

As added by P.L.2-2007, SEC.279.