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Employees hired before March 1, 2000, must have worked for the City for <br />at least two (2) consecutive years. Employees hired on or after March 1, <br />2000 must have worked for the city for at least five (5) consecutive years; <br />and <br /> <br />4. The employee must execute a release of claims. <br /> <br />Payment shall be based on the consecutive years of service completed by the employee and <br />his/her accrued sick leave balance. <br /> <br />An employee hired before March 1, 2000, and terminating after completing <br />two (2) years of consecutive service will receive payment for fifteen <br />percent (15%) of his/her accumulated sick leave balance up to a maximum <br />payment for one hundred forty-four (144) hours. Payment shall be at the <br />current rate of pay. <br /> <br />An employee hired on or after March 1, 2000, and terminating after <br />completing five (5) years of consecutive service will receive payment for <br />fifteen percent (15%) of his/her accumulated sick leave balance up to a <br />maximum payment for one hundred forty-four (144) hours. Payment shall <br />be at the current rate of pay. <br /> <br />An employee terminating after completing fifteen (15) years of consecutive <br />service will receive payment for twenty percent (20%) of his/her <br />accumulated sick leave balance up to a maximum payment for one hundred <br />ninety-two (192) hours. Payment shall be at the current rate of pay. <br /> <br />For example, if an employee satisfies the above conditions, has completed ten years of service, has <br />accumulated 1000 hours of sick leave and makes $10.00 per hour, the employee will receive <br />severance pay as follows: <br /> <br />1000 hours x 15% = 150 hours <br />Maximum hours eligible for severance pay = 144 hours <br />144 hours x $10.00/hour = $1,440 severance pay <br /> <br />Any accumulated sick leave in excess of nine hundred sixty (960) hours is not eligible for payment <br />under this policy (960 x 15% = 144). Employees may, however, continue to accumulate sick <br />leave in excess of nine hundred sixty (960) hours as a form of income protection in the event of <br />unexpected long-term illnesses during their employment. <br /> <br />10 <br /> <br /> <br />