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Utah currently offers two programs, known as Program I and Program II, that let state employees convert unused sick leave into retirement benefits when they leave state service. This bill creates a third option, Program III, under which state employees who worked for the state on or after January 4, 2014 would receive a payment equal to 50% of the value of their unused accumulated sick leave, calculated at their pay rate at the time of retirement. Employees currently accumulating sick leave under Program I or Program II would also be allowed to make a one-time, irrevocable election to move their unused sick leave hours into Program III to receive this 50% payment instead. The bill also updates related sections of state retirement law to reflect the addition of this new program.