Fifteen-Year Retiree. Medical Benefit)] and be at least 50 years of age or, in the case of option "C.3." of this subsection, be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned Normal Retirement Age (NRA).
1. Unused sick leave may be redeemed during the final pay period prior to retirement for a lump-sum cash settlement paid at the rate of 2 hours of accumulated sick leave redeemed for 1 hour of wages at the employee's current base rate of pay. Applicable payroll taxes would apply.
2. The City's CalPERS contract provides an option for normal service retirees to receive additional time-in-service credit by converting sick leave at the rate of 8 hours of sick leave accrual for .004-year-of-service credit.
3. Pursuant to federal and state law and the City’s deferred compensation plan, employees may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they attain their Normal Retirement Age (NRA). To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catch-Up" will normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA). However, based on the total amount of "457 Catch-Up" contributions available to the employee, accumulated sick leave hours, and the employee's designated NRA (or alternate NRA), "457 Catch-Up" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in the year the employee actually attains his/her NRA. To be eligible to participate, the employee must be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned NRA (or alternate NRA), have "457 Catch-Up" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours (270 hours for Fire shift employees) of sick leave in his/her ...
Fifteen-Year Retiree. Medical Benefit)] and be at least 50 years of age or, in the case of option "C.3." of this subsection, be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned Normal Retirement Age (NRA).
Fifteen-Year Retiree. Medical Benefit)] and be at least 50 years of age or, in the case of option "C.4." of this subsection, be at least 47 years of age and within 3 years of his/her planned retirement date.
