(a) Upon the retirement of the employee or disability retirement of the employee, and the employee has completed ten years of service, such employee shall be entitled to receive a cash payment equal to his or her basic rate of pay at the time of the above listed condition multiplied by 33-1/3% of the total number of accumulated unused sick hours earned by the employee up to 1,500 and 33-1/3% for all accumulated and unused sick hours earned by the employee in excess of 1,500 hours.
(b) For the purpose of this section, "retirement" means termination of full-time, active service with the City to immediately accept pension benefits for which the employee is qualified at the retirement date, from either the Public Employees Retirement System of Ohio or the Police and Firemen's Pension and Disability Fund of the State of Ohio, or other state pension fund.
(c) In the event of the death of an employee still in City service who has met the time requirements specified in subsection (a) hereof, the payment as described above shall be paid to the employee's estate.
(d) In addition to the above, a full-time City employee (in good standing from active service), upon resignation, shall be paid for the value of earned and accrued but unused sick leave earned while in the employ of the City in accordance with the following schedule:
(1) After ten years of service, using the formula in subsection (a) hereof, 25% of the adjusted balance, to a maximum of ten days will be paid.
(2) After 15 years of service, using the formula in subsection (a) hereof, 50% of the adjusted balance, to a maximum of 20 days will be paid.
(3) After 20 years of service, using the formula in subsection (a) hereof, 75% of the adjusted balance, to a maximum of 30 days will be paid.
(4) After 25 years of service, using the formula in subsection (a) hereof, 100% of the adjusted balance, to a maximum of 40 days will be paid.
(e) In the event that an "on-duty" injury results in the death of an employee as determined by the respective state pension fund, the City shall pay the deceased's estate the current value of accumulated, unused sick time.
(Ord. 6-99. Passed 4-19-99; Ord. 35-06. Passed 11-20-06.)