Cashing in on Sick & Vacation Days
March 24, 2011 1 Comment
By Briana Vannozzi
In Jersey City, 174 workers filed for retirement in 2010. Officials say because of that they’ll have to float a bond for more than nine million dollars to pay for the anticipated payouts in accrued sick and vacation days. Parsippany will take a hit of three million for the 17 police officers retiring there. Last year the senate unanimously approved a bi-partisan bill capping the value of unused sick time for retiring employees at 15 thousand dollars, a provision state employees have followed for years.