(a) At its discretion, a state-supported institution of higher education may compensate an employee of the state-supported institution of higher education for accumulated unused sick leave by providing to the employee the same compensation for accumulated unused sick leave under § 21-4-501.
(b) Compensation for accumulated unused sick leave under this section shall not be used by the Arkansas Public Employees' Retirement System in the calculation of final average compensation under § 24-4-101.
(c) Unused sick leave for employees of state-supported institutions of higher education shall accrue at the same rate as unused sick leave accrues under § 21-4-207 for calculations made under this section.