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Leave Settlements

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 60 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 60 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 60 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

 

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