1.  Election.  A participating local district may elect to provide service credit for unused accrued or accumulated sick leave or unused vacation leave or a combination of both, for which a member is credited on termination of service, but for which the member does not receive payment.  

2.  Limitation.  Leave qualifying for service credit under subsection 1 may not exceed a total of 90 days, except as provided in subsection 3.  

3.  Exceptions.  Leave beyond 90 days may qualify as service credit, up to the maximum number of days of leave, set by personnel rules or by contract, that a person is allowed to accumulate, if the participating local district pays into the Participating Local District Retirement Program the actuarial equivalent of the benefit.  

4.  Treatment of members of the Participating Local District Consolidated Retirement Plan covered by chapter 427.  Notwithstanding the provisions of this section, for members of the Participating Local District Consolidated Retirement Plan, the plan provisions adopted by rule pursuant to section 18801 govern any service credit for unused accrued or accumulated sick leave or unused vacation leave.