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<br /> <br /> 51 <br />June 2025 <br />236096v1 <br />b. Employees with fewer than 20 years of service and at least 10 years of <br />service are required to contribute 2% of their gross wages. <br />c. Employees with at least 20 years of service are required to contribute <br />3% of their gross wages. <br /> <br />2. Employees who have accrued over 960 hours of sick time will have 50% of <br />those hours converted to cash and deposited in their Post Employment Health <br />Care Savings account. The conversion will take place once a year at the end <br />of December. <br /> <br />3. Employees who voluntarily end their employment and who give the Utilities <br />proper (generally at least two-weeks) notice, and employees whose <br />employment ends involuntarily because of lack of work, will have 50% of <br />unused sick leave, up to a maximum of 120 days, converted into cash and <br />deposited into their Post Employment Health Care Savings account provided <br />they sign and do not rescind an agreement releasing claims arising out of their <br />employment, in a form prescribed by the Utilities. Employees involuntarily <br />terminated by the Utilities for any reason other than lack of work shall not be <br />eligible to receive such conversion. No contributions will be accepted by the <br />Plan on behalf of an employee after the death of the employee. <br /> <br />4. Employees who retire immediately eligible to claim their pension and who <br />give the Utilities proper notice (generally at least two-weeks) shall have a <br />portion of their unused sick, leave up to 960 hours, converted into cash and <br />deposited into their Post Employment Health Care Savings account, but only <br />on the condition that they sign and do not rescind an agreement releasing <br />claims arising out of their employment, in a form prescribed by the Utilities. <br />The amount of unused sick leave to be converted to cash and deposited into <br />an employee’s Post Employment Health Care Savings account will be <br />determined by the number of years an employee has worked at ERMU at time <br />of retirement. The chart below shows the years of service and percentage of <br />unused sick leave eligible for conversion to the employee’s Post Employment <br />Health Care Saving Plan. <br /> <br />0-7 years 50% <br />8-11 years 55% <br />12-15 years 60% <br />16-19 years 65% <br />20-23 years 70% <br />24-27 years 80% <br />28-31 years 90% <br />32+ years 100% <br /> <br />5. Employees who retire immediately eligible to claim their pension and who <br />give the Utilities proper notice (generally at least two-weeks) shall have <br />100% of unused vacation time converted into cash and deposited into their <br />118