Upon retirement from the City, the City Auditor is hereby authorized and directed to make a lump sum payment for the benefit of all City employees, except elected officials, for accrued benefits such as vacation, longevity days, compensatory time and sick leave on a formula set forth below, for employees who are not covered under a collective bargaining agreement, or as contained in the collective bargaining agreement covering those employees. The benefits are payable, upon retirement from the City into one of the State-recognized retirement plans, on the first payroll check issued by the City after the effective date of that retirement.
(a) The City shall pay for the benefit of any employee, except elected officials, upon retirement from the City, into an approved public employees retirement plan, a lump sum equal to one hundred percent (100%) of all unexpended vacation days, longevity days, and compensatory time earned and credited to the employee.
(b) The City will pay for the benefit of the employee, one hundred percent (100%) of all sick leave hours earned and credited to the employee prior to July 1, 1981. The City will pay for the benefit of the employee, one-third of all sick leave hours earned and credited to the employee after July 1, 1981.
(c) The payout or lump sum total will be determined by multiplying the employee’s current hourly rate by the number of hours eligible for payout for unused vacation, longevity days, compensatory time and eligible sick leave hours.
(d) The City will pay out retirement benefits for employees covered under a collective bargaining agreement in accordance with that agreement’s terms and conditions.
(Ord. 1997-83. Passed 6-9-97.)