All full time employees of the Town of Secaucus who are members
of bargaining units organized pursuant to N.J.S.A. 34:13A-1 et seq.
shall be entitled upon regular retirement from employment with the
Town of Secaucus to such terminal leave benefit as may be provided,
and under such conditions as may be provided in the labor agreement
pertinent to their position which is adopted and ratified by the Mayor
and Council in accordance with law.
All full time employees of the Town of Secaucus who are not
members of bargaining units organized pursuant to N.J.S.A. 34:13A-1
et seq. shall be entitled upon regular retirement in good standing
to receive a terminal leave benefit based upon the number of years
of service multiplied by 10 days per year, less the number of sick
leave days utilized, multiplied by the daily rate of pay at the time
of retirement, to a maximum entitlement of 130 days pay. In the event
of a bona fide long term illness, the Mayor and Council may determine
to waive the deduction of the bona fide long term illness or any part
thereof, based upon the length of service and merit of the employee.