Once an employee has completed five years of service with the City, he or she shall receive longevity pay. Longevity pay will be paid to each eligible employee on the last scheduled payday in November of each year. An employee's longevity pay will be equal to .002 multiplied by the number of years of service that he or she will have completed by December 31 of the current year, multiplied by the employee's annual base salary. Longevity pay will not be added to base pay or used for figuring the overtime rate and will not exceed one thousand dollars ($1,000) in any one year.