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• <br /> may elect to receive, in lieu of the severance pay provided in Section <br /> 23.1, Employer -paid 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 (1/2) 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 an employee electing this benefit chooses to <br /> discontinue this coverage, the remaining cash value (cash value <br /> upon retirement less premiums paid) shall be paid to the <br /> employee, and the employee shall forfeit future rights and <br /> coverage of this benefit as weli as the right to re -enter the City's <br /> insurance plan. <br /> D. Al! 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 theft 65' <br /> birthday or to cash out the value remaining in the employee's <br /> severance account. <br /> ARTICLE XXIV. VACATION LEAVE <br /> 24.1 General <br /> Regular employees and permanent part -time employees who <br /> have worked for the City for at least 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 /> it' jx,' <br /> t k <br /> .J_ r Years of Service Vacation Leave <br /> k ' , <br /> After the first six (6) months ........... One week <br /> 147• � • <br /> y,k` "� 16 <br /> k�` <br />