(a) When an employee of the Village retires, he or she shall be paid a lump sum for his or her accumulated and unused sick leave as allowed under Section 254.07 in accordance with the following schedule:
(1) First 175 eight-hour days @ $60.00 per day - $10,500
(2) Next 100 eight-hour days @ $50.00 per day - 5,000
(3) Remaining eight-hour days @ $40.00 per day - No limit
(b) An employee shall be deemed retired within the meaning of this section when he or she applies for and obtains a disability or retirement pension under any pension plan afforded such employee as a result of his or her employment with the Village. In the event of the death of an employee, the foregoing lump sum payment shall be paid to his or her surviving spouse. If there is no surviving spouse, such payment shall be paid to whomever the employee designates as the beneficiary thereof in writing with the Village Clerk. In the absence of such written designation, such lump sum payment shall be made to his or her estate.
(Ord. 2000-59. Passed 4-12-00; Ord. 2017-83. Passed 12-13-17.)