The amount that shall be deposited on behalf of a participating retired employee may not exceed five thousand dollars ($5,000) and is based on:

1. (1) the hourly rate the employee was paid on the employee's retirement date; and

2. (2) the following provisions concerning the employee's accrued and unused vacation days, sick days, or personal days:

   1. (A) An employee with at least ten (10) years of creditable service but less than fifteen (15) years of creditable service is entitled to an amount based on twenty percent (20%) of the employee's accrued days.
   2. (B) An employee with at least fifteen (15) years of creditable service but less than twenty (20) years of creditable service is entitled to an amount based on thirty-five percent (35%) of the employee's accrued days.
   3. (C) An employee with at least twenty (20) years of creditable service is entitled to an amount based on not more than fifty percent (50%) of the employee's accrued days.

As added by P.L.195-1999, SEC.8.