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(a) In lieu of either all or a portion of the maximum severance pay allowed in Section 260.03, a Police Chief with either a total of 22 years of Police and Fire Pension Fund accepted credit time, or who is eligible for pension benefits on the date of the proposed retirement, may request to convert his/her current awarded sick leave hours to paid wages which would be normally accumulated each year for three years prior to retirement.
(b) Sick leave shall be limited to a maximum annual accumulation of 120 hours of sick leave per year for the three year period or the maximum allowed under Section 260.03, whichever is less.
(c) Any sick leave utilized during this program will be deducted from the employee's past bank of accumulated hours, if available.
(d) The payment for these accumulated hours shall be made on the last pay of December except that the final payment shall be made at the time of retirement.
(e) The hourly rate used to calculate the amount of the payment shall be seventy and one half percent (70.5%) of the employee's prevailing rate of pay at the time of the payment. All sick hours converted to payment shall be deducted from the maximum allowed in Section 260.03. At no point shall the payment received exceed the maximum number of sick days allowed to be paid out upon retirement per Section 260.03 in order to ensure no additional costs to the City. For employees hired before December 29, 1980, the maximum number of days paid out and deducted from the final sick leave balance is 45 days. For employees hired on and after December 29, 1980, the maximum number of days paid out and deducted from the final sick leave balance is 30 days. For the December 29, 1980 hires, the maximum payout per year is ten days, with zero additional sick days paid out upon retirement.
(f) By submitting the request to participate in this sick leave buyout plan, the employee acknowledges that his/her final sick leave balance, upon retirement for severance calculation Section 260.03, will be reduced by the amount paid over the three year cycle (maximum of one hundred twenty (120) hours annually). At no point shall the payment received exceed the maximum number of sick days allowed to be paid out upon retirement per Section 260.03 in order to ensure no additional costs to the City. If the employee fails to execute retirement at the end of the agreed three year cycle, s/he:
(1) Relinquishes the right to participate in the program again at a later date;
(2) Will not be eligible for continued payments of accumulated sick leave; and
(3) Will only be eligible for future severance payments to the maximum allowed, less any time previously paid under this plan.
(g) At the beginning of the calendar year in which the above mentioned 22nd year of pension credit falls, the employee must submit a request in writing to the Mayor, with a copy to the Finance Director, asking for enrollment in this plan. A copy of the most recent pension service credit statement must be attached to the request.
(1) Within 90 days, the Finance Director will notify the employee of his/her correct sick leave balance, and the number of hours to be paid at the last pay of December.
(2) The employee then has 30 days with which to dispute any balances in question.
(h) This arrangement is not a three-year guarantee of employment, but merely a method for enhancing employee retirement benefits. The City reserves the right to terminate this plan at the end of any given calendar year.
(Ord. 168-00. Passed 7-10-00.)