(a) There is hereby established in the Treasury of the Virgin Islands a special non-lapsing fund designated and known as the “Annual Leave Lump Sum Separation Fund”. The Commissioner of Finance shall maintain and provide for the administration of the fund as a separate and distinct fund in the Treasury and no monies shall be available for expenditure therefrom except as provided in this section.
(b) The fund shall be used exclusively for the payment of accumulated annual leave.
(c) The fund shall consist of an annual appropriation by the Legislature inclusive of the estimated annual leave separation liability for the Executive, Legislative and Judicial branches of the Government of the Virgin Islands as processed in the ERP-HR Module.
(d) Monies shall be disbursed from the Annual Leave Lump Sum Separation Fund by the Commissioner of Finance, upon authorization and direction of the Director of Personnel after the Separation Personnel Action is processed in the ERP-HR Module.
(e) The Commissioner of Finance shall maintain a record of all monies deposited into and disbursed from the Annual Leave Lump Sum Separation Fund and shall submit quarterly reports to the Governor and the Legislature on the status of the fund.