Former CalPERS Board Member to Collect Salary and Raise During 18-Month Vacation
J.J. Jelincic, who served on the California Public Employees’ Retirement System Board of Administration for the past eight years, now plans to go on vacation for 18 months while still collecting a $122,000 salary and a pay raise that will increase his eventual pension.
The 69-year-old state worker accumulated 18 months’ worth of paid time off over his 31-year career at CalPERS, where he worked as an investment officer prior to being elected to the board. Jelincic estimated that by adding another 18 months of service to his record, and by collecting a pay raise that investment officers received last year, he will add roughly 6 percent to his pension.
“Unlike most private-sector workers, California state workers can accumulate hundreds of unused vacation hours and cash them out at a time of their choosing,” The Sacramento Bee reported January 3. “Employees are not supposed to carry more than 640 hours of vacation – equivalent to four months of work – but it’s not uncommon for state workers to build larger balances of unused personal time off.”