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In order to be eligible for a sick leave payout upon your retirement, you must begin to draw your monthly lifetime retirement annuity within 90 days. If you fail to finalize your retirement annuity within 90 days you will forfeit your sick leave payout.  
Any of the monthly payment plan options available through SERS or PSERS meets the criteria of drawing a monthly lifetime annuity. Contact SERS or PSERS to finalize your retirement paperwork. 
Alternative Retirement Plan (ARP)
Meeting the criteria of drawing a monthly lifetime annuity varies by ARP vendor (Fidelity, TIAA-CREF, VALIC).  Schedule a meeting with your ARP vendor representative who will confirm and review the qualifying annuity options.  A minimum of $10,000 must be annuitized with either one vendor or a combination of vendors.