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d. A lump sum payment shall be made to the beneficiaries of any <br />eligible employee whose death occurs while such employee is an <br />active employee of the City, such payment to be in the amount of <br />two-thirds (2/3) of the total sick leave benefit credited to the <br />employee's account at the time of his or her death, and at the rate of <br />pay effective on the date of the death. <br />2. Conversion to Health Insurance Premium Payments. <br />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 />a. The City's obligation to pay such premiums shall terminate when the <br />sum of premiums paid equals the amounts as follows: <br />• After ten (10) years, but less than 15 years of service, the <br />employee shall be entitled to 50% of the amount of unused <br />sick leave benefits credited to his or her account upon the <br />effective date of termination, not to exceed a maximum limit <br />of 640 hours. This amount represents 150% of the amount <br />the employee would have been entitled to had they elected to <br />cash out their sick leave hours. <br />• After fifteen (15) years, but less than 25 years of service, the <br />employee shall be entitled to 66.66% of unused sick leave <br />benefits credited to his or her account upon the effective date <br />of termination, not to exceed a maximum limit of 1,067 <br />hours. <br />• After twenty-five (25) years of service, the employee shall be <br />entitled to 100% of the amount of unused sick leave benefits <br />credited to his or her account upon the effective date of <br />termination, not to exceed a maximum limit of 1,600 hours. <br />This amount represents 150% of the amount the employee <br />would have been entitled to had they elected to cash out their <br />sick leave ho~u~s. <br />b. Premiums will first be paid out of the lump sum amount contributed <br />by the employee and then out of the amount contributed by the City. <br />If the retired. former employee dies before exhausting the full amount <br />of his or her lump sum contribution, the unused portion of such <br />~y <br />