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<br />shall be entitled to payment for one-third (1/3) of <br />the 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 427 <br />hours, at the rate of pay in effect on the date of <br />such termination. <br /> <br />a. <br /> <br />At his or her option, an employee may convert <br />the above lump sum payment option into health <br />insurance or long term care insurance premiums <br />to the extent necessary to provide the <br />employee and his or her designated eligible <br />dependents, if any, with benefits under the <br />heal th insurance program maintained by the <br />Association. The City's obligation to pay <br />such premiums shall be terminated when the sum <br />of premiums paid equals one-hundred fifty <br />percent (150%) of the amount of the lump sum <br />payment that the employee would have received <br />for unused sick leave benefits had this option <br />not been elected, not to exceed a maximum of <br />640 hours. <br /> <br />2. <br /> <br />After 15 years of cumulative full-time service with <br />the City, each qualified employee shall be entitled <br />to credit for two-thirds (2/3) of the total sick <br />leave benefit credited to his or her account upon <br />the effective date of such termination, not to <br />exceed a maximum limit of 1,066 hours, calculated <br />at the rate of pay in effect on the date of such <br />termination. This credit shall be applied toward <br />monthly health insurance premiums or toward long- <br />term care insurance premiums, beginning on the <br />effective date of termination. The City's <br />obligation to pay such premiums to the Association <br />on behalf of the employee shall be terminated when <br />the total credit as described above has been <br />exhausted. <br /> <br />3. <br /> <br />After 20 years of cumulative full-time service with <br />the City, each qualified employee shall be entitled <br />to one of two options: (a) payment for 1/3 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 533 <br />hours, at the rate of pay in effect on the date of <br />such termination, or (b) credit for 2/3 of the <br />total sick leave benefit credited to his or her <br />account upon the effective date of such <br /> <br />46 <br />