231.481  Terminal pay for accrued vacation leave.--A district school board may establish policies to provide for a lump-sum payment for accrued vacation leave to an employee of the school board upon termination of employment or upon retirement, or to the employee's beneficiary if service is terminated by death. Effective July 1, 1995, terminal pay for accrued vacation leave may not exceed a maximum of 60 days of actual payment for employees hired on or after that date.