Calculating Sick Leave Credit
Sick leave credit is the actuarial value of your unused sick leave. If your employer offers sick leave credit, it is calculated at the time you retire from your unused sick leave. It will be automatically applied to offset the cost of your NYSHIP premium.
Although premiums are subject to change annually, your sick leave credit will not change.
To receive an estimate of your sick leave credit, speak with your HBA
Special Situations
If you retire directly from active employment, leave without pay status or a preferred list, your sick leave credit is calculated from your unused leave when you stop working. It also applies if you are retroactively approved for disability retirement.
Deferring Coverage
If you defer retirement coverage, your credit is recalculated when you end deferment and enroll as a NYSHIP retiree. You must submit the NYSHIP Sick Leave Credit Preservation Form (PS-410) to keep your sick leave credit during this time.
Other Situations
If you retire from long-term disability, become a vestee or enroll in NYSHIP coverage through COBRA, you forfeit your sick leave and may not use it as a credit.
Credit and Dependent Survivors
Before you retire, you will need to decide how your sick leave credit applies to your NYSHIP retirement coverage. You must choose between single annuitant option and dual annuitant option.
| While You Are Alive | |
|---|---|
| Single Annuitant Option | Dual Annuitant Option |
| 100% of your sick leave credit will be used to reduce your monthly NYSHIP premium | 70% of your sick leave credit will be used to reduce your monthly NYSHIP premium |
| After Your Death/For Your Dependent Survivors | |
|---|---|
| Single Annuitant Option | Dual Annuitant Option |
| 0% of your sick leave credit can be used to reduce your dependent survivor's monthly NYSHIP premium | 70% of your sick leave credit will be used to reduce your dependent survivor's monthly NYSHIP premium |
To choose the dual annuitant option, submit the NYSHIP Sick Leave Credit Option Election Form (PS-405) to your HBA or Agency Contact before you retire. If you retire without submitting the form, you will automatically have the single annuitant option. This decision cannot be changed once you retire.
Unused Dependent Sick Leave
Enrollees cannot use their dependents' sick leave credit towards their own premiums.
If your dependent has earned their own sick leave credit, they must establish their own NYSHIP policy upon retirement to use it.
If your dependent leaves benefits-eligible service before you and continues their dependent status, they must preserve their sick leave credit through the NYSHIP Sick Leave Credit Preservation Form (PS-410) before they leave payroll.