Sick Leave Payout
Based on Bargaining Unit Agreements and Board Policy, employees who are eligible for Colorado PERA retirement at the time that they terminate employment with DPS may receive a payout of their accrued sick and personal leave time, at an agreed upon rate. If you would like a Sick Leave Payout Estimate, use the Sick Leave Payout Calculator. (Do not open in Google Docs. Click "Download" in the upper right hand corner - save as an Excel document.)
If you are also retiring through Colorado PERA, this process automatically begins once a retiring employee provides the Final 6 Month Salary Report Form to firstname.lastname@example.org. Expect payout from DPS in 60-120 days from retirement date.
If you are retiring from DPS but not through Colorado PERA, you will need to notify HR Connect prior to your retirement date and provide them with a letter from Colorado PERA that reflects that you are eligible to retire through Colorado PERA. Once the letter from PERA is provided we can process the sick leave payout. Retirees cashing out of PERA with a lumpsum payment need to follow this process as well.
Retirees can receive their Sick Leave Payout in two forms:
A lump sum is the default option to be paid out. The retiree will receive a lump sum paid 6-8 weeks following their final regular paycheck unless they choose to do a deferral.
To receive a deferral of funds into an active retirement account (403(b), 457(b), 401(k)) through DPS, the retiree must have an existing account that has been active for at least 30 days prior to retirement and must have made a contribution to the account from their last paycheck. To select this payout option, please complete the Sick Leave Deferral Agreement and submit it to Connect_HumanResources@dpsk12.org 30 days prior to your retirement date.
Contact HR connect at Connect_HumanResources@dpsk12.org or 720-423-3900.
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