(a) There is hereby created a fund for the City which shall be known as the Separation Pay Fund.
(b) Moneys shall be placed by the City Auditor into the Separation Pay Fund from the General Fund on a weekly and bi-weekly basis in an amount not less than three percent (3%) of the weekly or bi-weekly payroll of that period, as the case may be.
(c) Funds shall be disbursed from the Separation Pay Fund to City employees upon separation from employment with the City. The City Auditor shall determine the amount of separation pay due and owing to each employee as of his/her date of departure. Employees shall continue to receive their usual net amount paid on that employee's regular pay day from date of separation until final settlement is made. Such payments shall be deducted from the total amount of separation pay due and owing to the employee at final settlement. Final payment shall be made by no later than the employee's regular pay day that falls closest to the employee's forty-fifth day after separation. The foregoing provisions may be superseded by alternative retirement agreement executed by the City and the employee. The approval of the City Auditor and Council shall be required in order for any such retirement agreement to be effective.
(Ord. 5-1988. Passed 2-23-88; Ord. 60-1988. Passed 11-22-88.)