163.66 PERIODIC SEPARATION PAYMENTS.

   (a)   All management employees who declare to the City of Youngstown his/her intention to retire from the City, may, in the three (3) years preceding retirement, elect to receive payment for his/her accumulated leave in three (3) equal payments in May of each year (i.e., one third 1/3) accumulation each year). "Accumulated Leave" is defined as accumulated time (A/T), compensatory time, vacation time and thirty-five percent (35%) of the value of accumulated sick time. Benefits shall be paid at the employee's current salary or the salary at the time the benefit was accrued whichever is greater.

   (b)   In order to exercise this option, the employee must notify the Employer of his/her desire to receive payment prior to November 1 of the year preceding the first year of payment. Thereafter, payments shall be made in the form of a lump sum for three (3) successive years with the final payment being made at the time the Employee retires.

(Ord. 15-372. Passed 11-18-15.)