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leave to a retirement credit outlined in subsection (2). <br />(1) Sick Leave Accrual Cash Out <br />(i) Between February 16, 2016 and February 15, 2017, City <br />Manager will be entitled to cash out 15% of his unused accrued sick leave; <br />(ii) Between February 16, 2017 and February 15, 2018, City <br />Manager will be entitled to cash out 30% of his unused accrued sick leave; and <br />(iii) On or after February 16, 2018, City Manager will be entitled <br />to cash out 50% of his unused accrued sick leave. <br />(2) Sick Leave Retirement Credit <br />The City Manager can have unused accrued sick leave which he is <br />authorized to cash out under the terms outlined in subsection (1) converted to additional service <br />credit at the rate of 0.004 years of service credit for each day of unused sick leave (i.e., 200 days <br />of sick leave equals .80 additional years of service credit). The City must report only those days <br />of unused sick leave that were accrued by City Manager during the normal course of employment. <br />In the event, the City Manager retires from City, this section applies to the City Manager only <br />when his effective date of retirement is within four (4) months of separation from employment. <br />2.2.3 Initial Vacation Allowance <br />Upon employment with City, City Manager shall be awarded 80 hours of vacation <br />leave. City manager shall accumulate additional regular and management vacation hours in the <br />same manner as other City executive managers. <br />2.2.4 Longevity Vacation <br />City Manager shall accumulate Longevity Vacation at the maximum accrual rate <br />for an employee having completed 20 years of service with the City. <br />2.2.5 Ca1PERS Membership <br />As a "new employee" under CalPERS, City Manager will be enrolled in the 2% at <br />age 62 benefit formula and shall be responsible for paying the corresponding employee <br />contribution per Ca1PERS requirements as they exist today or as may be amended by the <br />legislature. As of the effective date of this Agreement the applicable contribution rate is 6.75% on <br />the first $136,440.00 of base salary. <br />2.2.6 Relocation Benefit <br />City Manager shall be provided reimbursement for the actual costs required to <br />relocate to California, i.e., moving expenses, not to exceed the sum of $7,500.00. Said <br />reimbursement may include the costs or up to 2 visits to Orange County prior to moving to locate <br />suitable housing. <br />4 <br />55394.00000 \8170474.1 <br />