Prior to their retirement date, or date of withdrawal from service, employees eligible to receive a lump sum payout may elect to pay into any deferred income account the value of the vacation, holiday, and sick leave payouts they are entitled to receive under this chapter and pursuant to the rules, if any, of the deferred income accounts and the Internal Revenue Service. Employees must notify the director at least four (4) weeks prior to the date of their retirement date or withdrawal from service if they wish to exercise this option.
(Ord. No. 25-2005, § 1, 1-20-05)