Firefighters, Fire Engineers and Fire Captains Sample Clauses

Firefighters, Fire Engineers and Fire Captains. All accumulated sick leave at the date of separation from City service shall be the basis for determining the amount to be paid to each employee who qualifies to receive sick leave pay-off. a. Employees separating with 10 or more years of City Service: Employees who have ten (10) or more continuous years of service shall be eligible for sick leave pay-off upon separation from employment with the City at the rate of three percent (3%) of accumulated, sick leave per full year of service. Xxxx leave shall be calculated at the rate of pay, including all pays received by the employee at the time of his or her separation. b. Employees separating with 20 or more years of City service: Employees who have 20 or more years of continuous years of service shall be eligible for sick leave pay-off upon separation from employment with the City at the rate of four percent (4%) of accumulated sick leave per full year of service. Xxxx leave shall be calculated at the rate of pay, including all pays received by the employee at the time of his or her separation. Each employee eligible to receive sick leave pay shall receive said pay at the time of termination. At no time can the percentage of sick leave payoff exceed 100%. Employees who cash out sick leave in accordance with this article (i.e., only at the time of separation from City service) may defer any sick leave for which they can cash out into a tax deferred account such as a IRS Code section 457 or 401(k) account up to the maximum employee deferral (i.e., the maximum amount an employee may defer) permitted by law. Employees who have either a 457 or 401(k) account or who wish to open the type of account which they do not currently have (e.g., if an employee has a 457 and wishes to open a 401(k) and vice versa) to take advantage of the tax deferred savings provided for in this provision may do so. The deferral must be in accordance with the City’s Finance Department’s policies and procedures.
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