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CTO at the time of separation from City employment, or 2) if the amount of vacation <br />leave transferring to OCFA on their behalf (from a combination of holiday and <br />vacation leave) is less than 350 hours, the member can choose to convert any <br />portion of their CTO to vacation which would not result in more than 350 hours of <br />vacation leave being transferred to the OFCA, and be paid for the remaining amount, <br />if any, at the time of separation. <br />D. Sick Leave: Employees will be cashed out for 50% of the accrued sick leave to <br />which they are entitled to a cash-out based on years of service per the current <br />SAFBA Memorandum of Understanding. The remaining 50% of sick leave subject to <br />cash-out will transfer to OCFA but will not be combined with the sick leave earned <br />while at the OCFA and shall not be counted towards any maximum sick leave <br />accrual cap that may be established by OCFA. Any accrued, unused sick leave that <br />is not subject to cash out per the current SAFBA Memorandum of Understanding will <br />be forfeited. <br />E. With respect to the vacation and sick leave transferred to OCFA described in <br />subsections a) through d), above, former SAFBA members will be required first to <br />use their OCFA accrued vacation and sick leaves, respectively, before using the <br />vacation or sick leave which transferred from the City. On April 14, 2017, or such <br />earlier date if the former SAFBA member separates from OCFA, all remaining <br />vacation and sick leave which transferred to OCFA from the City will be paid off by <br />the City at the former SAFBA member's regular rate of pay as of April 20, 2012. <br />With respect to any leave described in subsections a) through d) above which the <br />City is paying off to employees as a result of the transition to OCFA, it will be paid to <br />employees on the second payday following the transition date. If that date is April <br />20, 2012, it will be paid on May 20, 2012. <br />F. Sick Leave for Employees with Less Than Ten (10) Years of City Service: <br />SAFBA employees with less than ten (10) years of service as of April 20, 2012, have <br />no sick leave with cash-out value. Accordingly, the City agrees that it will provide <br />forty-eight (48) hours of sick leave for each such employee upon his or her <br />employment with OCFA. The 48 hours of sick leave will be available to former <br />SAFBA employees for three years from the effective date of the contracting of <br />firefighting and related services with OCFA. Such sick leave may be used for non- <br />occupational illness or injury for which the employee has no OCFA accrued sick <br />leave balance available. Upon expiration of three years, any of this sick leave <br />remaining will be forfeited. In addition, if any such employee separates from OCFA <br />within the three years, such sick leave will have no cash value. <br />10. Fund 84: The Fund 84 balance (approximately $995,000) and SAFBA Loan (principal & <br />interest of approximately $1,490,000) shall be disbursed to individual Retiree Health <br />Savings Accounts pursuant to instructions provided to the City by SAFBA. Said <br />disbursement shall be made on or about July 16, 2012. The City shall cease subsidy <br />payments to retirees on a date designated by SAFBA, on or about July 16, 2012. The City <br />agrees to continue to administer the subsidy payment program until the disbursement of <br />funds on or about July 16, 2012. The SAFBA agrees to defend the City and hold the City <br />5