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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 sun payment provided <br />herein for unused sick leave upon non - disciplinary termination into health <br />insurance premiums, to the extent necessary to provide the employee and his or <br />her designated eligible dependents, if any, with benefits under the health <br />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 employee <br />shall be entitled to 50% of the amount of unused sick leave benefits <br />credited to his or her account upon the effective date of termination, <br />not to exceed a maximum limit of 640 hours. This amount represents <br />approximately 150% of the amount the employee would have been <br />entitled to had they elected to 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 benefits <br />credited to his or her account upon the effective date of termination, <br />not to exceed a maximum limit of 1,067 hours. <br />• After twenty -five (25) years of service, the employee shall be entitled <br />to 100% of the amount of unused sick leave benefits credited to his or <br />her account upon the effective date of termination, not to exceed a <br />maximum limit of 1,600 hours. This amount represents <br />approximately 150% of the ainotmt the employee would have been <br />entitled to had they elected to cash out their sick leave hours. <br />b. Premiu nis will first be paid out of the hemp sum amount contributed <br />by the employee and then out of the amoimt 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 />contribution shall be converted to cash as defined in Section 11.1.x.'1. <br />above and distributed to the retiree's designated beneficiary. <br />29 <br />