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<br /> <br /> <br /> <br /> <br /> limit of fifty-three and one-third (53.33) eight (8) hour working days, at <br /> the rate of pay effective on the date of such termination. <br /> <br /> For employees who have at least ten (10) years of service with the City <br /> prior to October 1, 2010, the maximum sick leave cash-out after ten (10) <br /> years of service shall be equal to 427 hours (53.33 x 8). <br /> <br /> Thereafter, for employees with less than ten (10) years of service as of <br /> September 30, 2010, the maximum sick leave cash-out after ten (10) years <br /> of service shall be equal to 325 hours (40.625 x 8). <br /> <br /> At the employee's election, payment of unused sick leave may be received <br /> in either a lump sum of money, or in equal monthly payments for a period <br /> of up to five (5) years. <br /> <br /> A lump sum payment shall be made to the beneficiaries of any eligible <br /> employee whose death occurs while such employee is an active employee <br /> of the City, such payment to be in the amount of one-third (1/3) of the <br /> total sick leave benefit credited to the employee's account at the time of <br /> his or her death, and at the rate of pay effective on the date of death. <br /> <br /> 2. At his or her option, an employee may convert any lump sum payment <br /> provided herein into health insurance premiums, to the extent necessary to <br /> provide the employee and his or her designated eligible dependents, if any, <br /> with benefits under the health insurance program maintained by the City. <br /> The City's obligation to pay such premium shall terminate upon the <br /> happening of any of the following events: <br /> <br /> a. Premiums have been paid on behalf of the former employee until <br /> all monies are exhausted; or <br /> <br /> b. The sum of premiums paid equals one hundred fifty percent <br /> (150%) of the amount of the lump sum payment that the employee <br /> would have received for unused sick leave benefits had this option <br /> not been elected. <br /> <br /> C. Except in cases of disability retirement, upon non-disciplinary <br /> termination of employment after fifteen (15) years of cumulative <br /> full-time service with the City, each qualified employee shall be <br /> entitled to payment for two-thirds (2/3) of the total sick leave <br /> benefit credited to his or her account upon the effective date of <br /> such termination to be applied toward health insurance premiums <br /> only as specified in Section K (2) above excluding Subsections a <br /> and b. <br /> <br /> <br /> <br /> <br /> 46 <br /> 25F-48 <br />