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hour schedule or 640 hours for employees working <br />a twelve (12) hour schedule, at the rate of pay <br />effective on the date of such termination. <br />b. Affected qualified employees who have completed <br />twenty-five (25) years or more of cumulative <br />full-time service with the City shall be <br />entitled to payment for two-thirds (2/3) of the <br />total sick leave benefit credited to his or her <br />account upon the effective date of such <br />termination, not to exceed a maximum limit of <br />1,067 hours for employees working an eight (8) <br />hour schedule or 1,600 hours for employees <br />working a twelve (12) hour schedule, at the rate <br />of pay effective on the date of such <br />termination. <br />C. At the employee's election, payment of unused <br />sick leave may be received in either a lump sum <br />of .money, or in equal monthly payments for a <br />period of up to five (5) years. <br />d. A lump sum payment shall be made to the <br />beneficiaries of any employee covered by this <br />Agreement whose death occurs while such employee <br />is an active employee of the City, such payment <br />to be equal to what would be credited to the <br />employee's account at the time of his or her <br />death, and at the rate of pay effective on the <br />date of death. <br />2. Conversion to Health Insurance Premium Payments. <br />a. At his or her option, an employee may convert <br />any lump sum payment provided herein into health <br />insurance premiums, to the extent necessary to <br />provide the employee and his or her designated <br />eligible dependents, if any, with benefits under <br />the health insurance program maintained by the <br />City. <br />i. The City's obligation to pay such premium <br />shall terminate when the sum of premiums <br />paid equals one hundred fifty percent (1500-.) <br />of the amount of the lump sum payment that <br />the employee would have received for unused <br />sick leave benefits had this option not been <br />elected. <br />ii'.Premiums will first be paid out of the lump <br />sum amount contributed by the employee and <br />then out of the amount contributed by the <br />City. If the retired former employee dies <br />before exhausting the full amount of his or <br />her Lump sum contribution, the unused <br />33 <br />