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For employees who have at least ten (10) years of service with the City <br />prior to October 1, 2010, the maximum sick leave cash -out after ten (10) <br />years of service shall be equal to one third (1/3) of accrued sick leave up <br />to a maximum of four hundred twenty -seven (427) hours. <br />For employees who had less than ten (10) years of service with the City as <br />of September 30, 2010, the maximum sick leave cash -out after ten (10) <br />years of service shall be equal to three hundred twenty five (325) hours, <br />A lump sum payment shall be made to the beneficiaries of any eligible <br />employee whose death occurs while such employee is an active employee <br />of the City. Stich payment shall be in the amount as described above and <br />at the rate of pay effective on the date of death. <br />2. An employee may elect to convert any lump sum payment provided in this <br />section into health insurance premiums, to the extent necessary to provide <br />the employee and his or her designated eligible dependents, if any, with <br />benefits under the health insurance program maintained by the City. The <br />City's obligation to pay such premium shall terminate upon the happening <br />of any of the following events: <br />a. Premiums have been paid on behalf of the former employee until <br />all monies are exhausted; or <br />b. The stun of prembans paid equals one hundred fifty percent <br />(150 %) of the amount of the lump sure payment that the employee <br />would have received for unused sick leave benefits had this option <br />not been elected. <br />C. Except in cases of disability retirement, upon non - disciplinary <br />termuration of employment after fifteen (15) years of cumulative <br />full -time service with the City, each qualified employee shall be <br />entitled to payment for two - thirds (2/3) of the total sick leave <br />benefit credited to his or her account upon the effective date of <br />such termination to be applied toward health insurance prenziwns <br />only as specified in Section K (2) above excluding Subsections a <br />and b. <br />d. Employees covered by this MOU may apply any payments for <br />unused sick leave as described above to a Retirement Health <br />Savings Account (RHS) as described in Article 11 .6. <br />e. Employees that retire after ratification of this MOU but prior to the <br />RIIS Plan being established will have the option to have any <br />payments as described above for unused sick leave directed into <br />their individual RHS account once established. <br />415 <br />25A -49 <br />