Sick Leave (All Full-time Employees):

• Sick leave payment is computed by multiplying the eligible days times a 3-year average daily rate earned by a percentage that is computed as follows:
  • 50% for the first 10 years of MDC service
  • An additional 1.5% for each full year of MDC service beyond 10 years
  • Average Final Compensation (AFC) – highest 3 years of service
• Option to participate in Sick Leave Payout while in DROP through Bencor program
• Payment:
  • Up to maximum of AFC
  • Faculty and Support Staff – Total percentage paid (as calculated above) of SICK days (SIFC, SIFN, SIFO).
  • Professional Exempt Contractual – Total percentage paid (as calculated above) of SIFN and SIFO. Current days are paid per policy II-28 (which is 25%) only if old sick days balance is less than 60 days.
  • 50% of AFC paid within 30 days of final payroll and
  • Remaining balance paid one year later
  • Paid through Bencor plan when sick leave payment is in excess of $1,000.
  • The same will apply to the second check to be received a year after the retirement date (if applicable).
  • Sick leave payments less than $1,000 will be available at the applicable Bursar's office for pick up. Picture ID required.

Vacation Leave (Classified Staff & Administrators):

• Paid at the current daily rate of pay based on current salary pay. The State Board of Education Rule prohibits the payment of more than 62 days vacation pay in a lump sum.
  • Up to 62 days (max.)
  • Includes days paid upon DROP entry. May elect to be paid vacation balance, which is creditable towards the FRS average final compensation (AFC) effective with the DROP application.
  • Paid at current daily rate of pay
  • Paid within 30 days of final pay
  • Paid through Bencor plan when vacation leave payment is in excess of $1,000.
  • Vacation leave payments less than $1,000 will be available at the applicable Bursar's office for pick up. Picture ID required.

Professional Staff Accrued (PSAL) Settlement (Administrators)

• Paid based on PSAL accrued at the time of departure up to a maximum of seventy-five (75) hours through the terminal leave payment program.
  • MDC will pay actual days accrued during the fiscal year of retirement up to 75 hours (10 days)
  • All other PSAL days must be used as leave or they are not paid (Use it Or Lose it)
  • Paid at current daily rate of pay
  • Paid within 30 days of final pay
  • Paid through Bencor plan when PSAL leave payment is in excess of $1000
  • PSAL leave payments less than $1,000 will be available at the applicable Bursar's office for pick up. Picture ID required.

Bank Point Leave (Faculty)

• Bank Point Balance will be paid at the rate such points were earned
• Option to participate in Bank point Payout while in DROP through Bencor program
• Paid within 30 days of final pay
• Bank Point leave payments in excess of $1,000 will be paid through Bencor plan
• Bank Point leave payments less than $1,000 will be available at the applicable campus Bursar's office for pick-up. Picture ID required.
• Payroll Services – extension 7-2751

BENCOR – Terminal Pay Plan

• In accordance with the College's terminal leave payment program, all terminal leave payments (Sick, PSAL, Vacation, Bank Points, etc.) in excess of $1,000 will be paid through BENCOR, Inc. This is a Special Pay Plan, which will permanently save you up to 7.65% in Social Security taxes. Additional information is available at 1-888-258-3422 or www.bencor.com .
• Federal Income Taxes that would have been paid at the employee's highest tax rate are deferred until funds are withdrawn from the plan

Eligible DROP Participants:

• Sick and/or Bank Points one time election upon entering DROP
  • Leave pay deposit after 1 year in DROP as follows:
    • Year 1: 20% balance of sick/bank point
    • Year 2: 25% balance of sick/bank point
    • Year 3: 33% balance of sick/bank point
    • Year 4: 50% balance of sick/bank point
    • Year 5: 100% balance of sick/bank point
  • Amount must be worth over $1,000