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may elect to receive in lieu of the severance pay provided in Section <br /> 23.1, Employer -pair insurance premiums toward medical /hospital <br /> insurance coverage. Said payment: shall be provided according to, <br /> and limited by, the following: <br /> A. Total premium payments shall be limited to the value of one - <br /> half (112) the accumulated sick leave of the employee upon <br /> retirement to a maximum of four hundred (400) hours <br /> B. Premiums shall be only for those insurance plans or coverage <br /> available to current employees of the unit. <br /> C. in the event ar, employee electing this benefit chooses to <br /> discontinue '.his coverage, !he remaining cash value (cash value <br /> upon retirement less premiums paid) sha!I be paid to the <br /> employee, and the employee shalt forfeit future rights and <br /> coverage of this banuft as well as the right to re -enter the City's <br /> insurance plan. <br /> D All payments made by the City shall end when. the remaining <br /> cash value for that former employee equals zero or upon the <br /> former employee's 65`" birthday, it shall be paid to the former <br /> employee. <br /> E. In the event of the death of an employee, an employee's <br /> dependents have the option of remaining covered under the <br /> Insurance plan until the employee would have reached their 65 ' <br /> birthday or to cash out the value rer'rnaining in the employee's <br /> severance account. <br /> ARTICLE U.N. VACATION LEAVE <br /> 24.1 General <br /> Regular employees and permanent part- -tune employees who <br /> have worked for the City for at !east six (6) months are eligible for <br /> paid vacation paid vacation is not available to temporary, <br /> intermittent or seasonal employees <br /> 24.2 Accrual <br /> Vacation leave with pay will accrue at the following rates: <br /> s Years of Service Vacation Leave <br /> k" <br /> c� � After the first six (6) mcrlths One week <br /> ��.k ` 16 <br />