Passage of this bill (1) delays the time before an employee may accrue converted sick leave from 18 days to 30 days, (2) allows earlier conversion of sick leave from 8 days to 5 days once the 30 day level is obtained, (3) includes an employees' spouse in retirement health and life insurance options, (4) allows retiree cash payouts to be transferred to 401K plans, and (5) allows for the employee and spouse to use unused sick leave to purchase Medicare supplemental insurance. It is estimated that the cost for these benefit enhancements will be $656,900 from all funding sources. Future costs will vary depending on utilization of the benefits. However, the bill does not require an appropriation but allows an agency to request an appropriation in the year following the employee's retirement .

Office of the Legislative Fiscal Analyst