(1) Twenty-six days annual leave with pay each calendar year exclusive of Sundays and holidays; Provided, that the part unused in any year shall be accumulated for succeeding years until it totals not exceeding 60 days.
(2) Cumulative sick leave, with pay, at the rate of 1¼ days per month; Provided, That upon approval of the President sick leave in an amount not exceeding 180 days may be advanced. Sick leave which is not used by an employee accumulates for use in succeeding years and shall be applied in accordance with Title 3, section 731, Virgin Islands Code. In no event shall an employee receive a lump sum payment for accumulated sick leave upon separation from his employment or upon retirement.
(3) Any employee who has accumulated an unused annual leave at the end of the calendar year in excess of the days allowed by subsection (1), shall be entitled for retirement purposes only to “service credit for forfeited annual leave”. Any member of the Government Employees Retirement System having “service credit for forfeited annual leave” at the date of retirement shall have such service credit applied toward the service retirement annuity to which the member may be entitled.