Upon Service Retirement. Upon service retirement, accumulated sick leave shall be credited to Employee’s retirement account in accordance with the provisions of the retirement plan referenced in Section 6.6, provided, however, should an Employee elect to convert any of such sick leave to cash pursuant to Subsection 9, below, Employee's retirement sick leave credit shall be reduced commensurately.
Upon Service Retirement. (defined for the purpose of this benefit as twenty (20) or more years within the Fire Service or age 55) the employee shall receive their sick leave bank converted at the employee’s current hourly wage rate as defined by Article 5, with these conditions: hours earned prior to December 31, 2014 shall be compensated at 100%; hours earned after December 31, 2014 shall be compensated at 75%. The balance of the conversion shall be deposited into the employee’s HRA-VEBA account to be used for healthcare expenses after separation as allowed by IRC 213(c).
Upon Service Retirement. In lieu of the benefit D and upon service retirement under the PERS retirement plan, employees in the unit may elect to have all remaining sick leave accrued at the time of retirement converted to cash value at their final rate of pay, and apply such cash value to applicable premiums payable under the City’s medical insurance program for the employee and the employee’s eligible dependents until the cash value is exhausted. In the event that the employee dies prior to exhaustion of the cash value of said benefits, the remaining cash value may be applied toward the premiums of covered dependents until exhausted, subject to the conditions and limitations of the applicable insurance policy.
