Common use of Cash Payment on Termination of Employment Clause in Contracts

Cash Payment on Termination of Employment. At the time of termination of employment from the City, providing that the employee has completed ten (10) or more years of service, the employee may elect, by filing written notice to the municipality within thirty (30) days prior to the effective date of termination, to be paid in cash for accrued but unused sick leave credit, not to exceed 2,000 hours. Entitlement will be based on years of service over ten (10) completed years calculated at 1% per year. (Example: Ten (10) completed years equals 10% of unused sick leave credit and fifteen (15) completed years equals 15% of unused sick leave credit.) Such payment shall be based upon the employee's base pay at the time of termination (excluding longevity and assignment pay) divided by 2,080 hours. Such payment shall eliminate all sick leave credit accrued by the employee at that time. Such payment shall be made only once to any employee.

Cash Payment on Termination of Employment. At the time of termination of employment from the City, providing that the employee has completed ten (10) or more years of service, the employee may elect, by filing written notice to the municipality within thirty (30) days prior to the effective date of terminationtermination in all cases except where termination is for cause, to be paid in cash for accrued but unused sick leave credit, not to exceed 2,000 2,600 hours. Entitlement will be based on years of service over ten (10) completed years calculated at 1% per year. (Example: Ten (10) completed years equals 10% of unused sick leave credit and fifteen (15) completed years equals 15% of unused sick leave credit.) Such payment shall be based upon the employee's ’s base pay at the time of termination (excluding longevity and assignment pay) divided by 2,080 hours2,704 hours (after December 14, 2008, 2,595.84 hours will be used to calculate the base pay rate). Such payment shall eliminate all sick leave credit accrued by the employee at that time. Such payment shall be made only once to any employee.