(a) Any employee who retires according to the rules and regulations established by the applicable retirement board of the State covering the employee shall be entitled to additional compensation in a lump sum payment of one day’s pay for each calendar year of service, not to exceed thirty days of pay. Any fraction of one year shall be entitled to one day of pay.
(b) The compensation shall be the rate of compensation earned by the employee at the time of his or her retirement.
(c) The employee must be an active employee of the Municipality at the time of his or her retirement to receive the lump sum payment.
(Ord. 3198-16. Passed 11-16-16.)