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(a) The city shall abide by statutory law and provide funds to retirement programs, the Public Employees Retirement System and the Fire and Police Disability and Pension Fund.
(b) In addition, an employee with full-time service of ten years or more is eligible to receive a cash payment settlement for accumulated sick leave based on his or her rate of pay at the time of retirement. The employee shall be paid a maximum sum equal to one-fourth of his or her accrued but unused sick leave up to a maximum accrual of 120 days. Payment for sick leave on this basis shall eliminate all sick leave credit accrued by the employee to the time of retirement. Such payment shall be made only once to an employee.
(Ord. 82-O-24, passed 3-1-1982)