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<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 /> <br />2. Conversion to Health Insurance Premium Payments. <br /> <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 /> <br />i. The City's obligation to pay such premiums <br />shall terminate when the sum of premiums <br />paid equals the amounts as follows: <br />. After ten (10) years, but less than 15 <br />years of service, the employee shall be <br />entitled to 50% of the amount of unused <br />sick leave benefits credited to his or her <br />account upon the effective date of <br />termination, not to exceed a maximum of <br />640 hours for employees working an eight <br />(8) hour schedule or 960 hours for <br />employees working a twelve (12) hour <br />schedule. This amount represents 150% of <br />the amount the employee would have been <br />entitled to had they elected to cash out <br />their sick leave hours. <br />. After fifteen (15) years, but less than 25 <br />years of service, the employee shall be <br />entitled to 66.66% of unused sick leave <br />benefits credited to his or her account <br />upon the effective date of termination, <br />not to exceed a maximum limit of 1,067 <br />hours for employees working an eight (8) <br />hour schedule or 1,600 hours for employees <br />working a twelve (12) hour schedule. <br /> <br />39 <br />