Authority: IC 5-10.5-4-2

Affected: IC 5-10.3-8-14

Sec. 4. For purposes of conversion, the value of vacation leave is determined as follows:

1. STEP ONE: Divide the employee's regular biweekly salary, as of the conversion date, by seventy-five (75).
2. STEP TWO: Multiply the quotient determined in STEP ONE by the number of hours to be converted.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 20-1-4; adopted Sep 14, 2012: 20120926-IR- 035120542ONA)