SPECIAL DEATH OR RETIREMENT BENEFIT. 20.01 Any employee retiring or receiving disability benefits pursuant to the qualifications of the South Dakota Retirement System, or who dies while in employment of the City, shall be entitled to a special benefit as hereinafter provided.
SPECIAL DEATH OR RETIREMENT BENEFIT. Any employee retiring pursuant to any of the City’s retirement or disability plans, or who dies while in employment of the City, shall be entitled to a special benefit as hereinafter provided for. The maximum benefit shall equal fifty percent (50%) of all accumulated hours of sick leave in excess of 960 (1440 for 56 hours) hours, provided that the maximum benefit payable shall not exceed twenty-five percent (25%) of the employee’s last twelve month’s earning with the City. Payable upon retirement or disability, it shall be paid solely in the name of the employee. If payable due to death, said benefit shall be payable according to the same beneficiaries as provided for by the employee under his designation for the Retirement System. The rate of pay shall be at the rate of pay at the time of retirement, death or disability. The twenty-five percent (25%) above shall be increased as follows: at 52 years old 26% at 53 years old 29% at 54 years old 32% at 55 years old 35% at 56 years old 38% at 57 years old 42% at 58 years old 45% at 59 years old 48% at 60 years old+ 50% ARTICLE EIGHTEEN SPECIAL PAY PLAN FOR RETIREMENT PAYOUT OF ANNUAL LEAVE AND SICK LEAVE The City of Rapid City participates in a Retirement Special Pay Plan, which provides a tax advantage and Social Security advantage when employees terminate their employment. The administration and participation in the Pay Plan shall be in accordance with South Dakota Codified Law.
SPECIAL DEATH OR RETIREMENT BENEFIT. Any employee retiring pursuant to any of the City’s retirement or disability plans, or who dies while in employment of the City, shall be entitled to a special benefit as hereinafter provided for. The benefit shall equal fifty percent (50%) of all accumulated hours of sick leave in excess of 960 (1440 for 56 hours) hours, provided that the maximum benefit payable shall not exceed twenty-five percent (25%) of the employee’s last twelve month’s earning with the City. Payable upon retirement or disability, it shall be paid solely in the name of the employee. If payable due to death, said benefit shall be payable according to the same beneficiaries as provided for by the employee under his designation for the Retirement System. The rate of pay shall be at the rate of pay at the time of retirement, death or disability. The twenty-five percent (25%) above shall be increased as follows: at 52 years old 26% at 53 years old 29% at 54 years old 32% at 55 years old 35% at 56 years old 38% at 57 years old 42% at 58 years old 45% at 59 years old 48% at 60 years old+ 50%
