"Retiring L.A. County workers get $48 million for unused time off" (LA Times)

And the state is not so solvent--go figure:

[...] In all, Los Angeles County paid more than $48 million to retiring employees for unused time off in 2010. About a third of that, $16 million, went to workers leaving the Sheriff's Department even though they made up only 13% of the county's retiring employees, payroll data show.

The county is not alone in allowing public sector employees to bank large amounts of time. State and local governments across the country offer workers large future payoffs in lieu of immediate benefits, especially during tough economic times.

Such provisions can also be used to reward political allies. [...]