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Theref ere, the maximum yeestien that an eight (8) heur empleyee with less the (6) ye-1 - Geuld seeumulate is thirty (3) werking days (240 heurs) and enly-en eight (8) heur empleyee with mere then twenty (20) years --Uld Garry e and take the eutherized maximum ef f if ty (5) werking days (400 heurs) in any ene yeef" 10.6 Vacation Pay Options. Once each fiseel calendar year, all employees covered by this Agreement shall be given the option to receive cash compensation, computed on a straight-time basis, in lieu of up to five (5) working days of earned, unused vacation leave benefits set forth in this Article. Effective January 1, 2009, employees covered by this Agreement may cash out up to a total of 10 working days of earned, unused vacation leave benefits (including management vacation leave) set forth in this Article. Effective July 1, 2009, all employees covered by this Agreement shall defer for the duration of Fiscal Year 2009-10 an employee's ability to cash out vacation leave time. The ability to cash out vacation leave time shall be re- instated July 1, 2010. Such deferral shall not affect an employee's ability to be compensated for the accumulated vacation leave time upon separation from employment with the City. Effective July 1, 2010, employees choosing to cash out their vacation leave time may do so to a maximum value of 1.33 x 120 hours, or 160 hours per year for employees assigned to the twenty-four (24) hour work shift schedule, or 1.33 x 80 hours, or 106 hours for employees assigned to a forty (40) hour work week schedule. This cap on annual cash out of regular vacation shall not affect an employee's ability to be compensated for accumulated regular vacation leave time upon separation from employment with the City. 10.7 Management Vacation Benefit. Employees covered by this Agreement will be granted an additional five (5) working days [five (5), eight (8)-hour days for forty (40) hour employees and five (5), twelve (12) hour days for shift employees] per calendar year over the regular and longevity vacation schedule applicable to represented non-management employees of the City subject to a maximum accrual of twenty f We (25) thirty (30) days of such additional five (5) days per year. AMENDED ARTICLE XIV (new language in bold italics; deleted provisions lined out) 14.6 Payment of 3% at 50 Service Retirement Benefit. The City has reeeiyed an setuarial Yelustien dated Mereh 3, 2000 f rem CeIPERS inferming the parties that a eest analysis te amend the City's eentreet te preyide this benefit te eurrent o FMA Contract Extension: 2010-2014 Page 13 25G-15