[Added 12-23-2003 by Ord. No. 18-2003]
At the time of retirement, those employees subject
to the terms of the Collective Bargaining Agreement shall be entitled
to compensation for holidays, vacation and/or sick time benefits for
the year in which the employee retires on a prorated basis as of the
date of retirement. All other employees shall be entitled to compensation
for vacation and/or sick time benefits for the year in which the employee
retires on a prorated basis as of the date of retirement.
A.
Each employee shall be entitled to a terminal leave
upon reasonable written notice to the Borough of his intention to
retire if he shall have completed 25 years of service. The period
of time to be allotted shall be determined by his personal balance
of sick time up to a maximum of 130 working days for those employees
subject to the terms of the Collective Bargaining Agreement, employees
of Department of Public Works, Sewer Department, Police Chief, Tax
Assessor and the Municipal Clerk. The period of time allotted for
all other employees shall be determined by his personal balance of
sick time up to a maximum of 50 days.
B.
All provisions of terminal leave as defined in this
section shall be paid to retiree in a single lump sum payment. At
the employee's option, the terminal leave payment may be paid in two
separate compensatory years in equal installments with the understanding
that the employee is not entitled to any fringe benefits during this
period. The notice must be given by the employee to the employer prior
to March 15 in the year in which the employee intends to retire. No
terminal leave payment will be made until after the expiration of
a period of 90 days from the date the employee submits written notification
of his intention to retire. Notwithstanding the manner of payment
described herein, the employee's benefits herein shall cease upon
the Borough accepting the employee's application for retirement and
further upon the completion of active duty by the employee.
