(a) Retirement, as used in this section, as defined by Ohio R.C. 124.39, means disability or service retirement under any state retirement system in this State.
(1) Upon said disability or service retirement or death of a full-time employee who has completed not less than ten years of continuous service with the City, such employee shall be entitled to receive cash payment equal to the employee's hourly rate of pay in accordance with the following schedule:
Length of Service (Years) | Percentage of 1,500 hours |
over 10 | 75% |
All hours of sick time that an employee earns over the 1,500 hours figure will be paid at the rate of 25% of all hours in excess of 1,500.
Payment will be made on hours accumulated while under the employment of the City of Eastlake.
(Ord. 2012-004. Passed 2-14-12; Ord. 2022-096. Passed 11-22-22.)
(b) The cumulative retirement provided in paragraph (a) shall be paid to the employee at a rate of the greater of 50% of the total retirement payout or ten thousand dollars ($10,000) and paid at the time of eligibility; the remaining 50% of the sick leave is payable the following year. Upon written notification of the employee's intent to retire made forty-five days prior to the 1st day of the budgetary calendar, the cumulative retirement provided in paragraph (a) shall be paid to the employee at a rate of the greater of 60% of the total retirement payout or ten thousand dollars ($10,000) and paid at the time of retirement; and the remaining payout paid on the 1st day of the first subsequent budgetary calendar of the City of Eastlake.
Payouts of less than ten thousand dollars ($10,000) shall be paid in a lump sum payment.
(Ord. 2021-051. Passed 7-13-21; Ord. 2023-047. Passed 6-13-23.)
(c) In the event of death, the employee's estate shall be entitled to a lump sum payment.
(d) In the event of a catastrophic, terminal illness of an employee, the employee shall be entitled to a lump sum payment upon retirement or resignation. The employee shall file an application with the Administration setting forth the emergency and authorization for a lump sum payment of benefits shall be awarded upon review and approval of the Administration.
(e) The Mayor shall not receive a cash payment equal to his hourly rate of pay accumulated at the time of his retirement, resignation or death.
(Ord. 2004-120. Passed 10-26-04; Ord. 2021-025. Passed 4-13-21.)