All full-time employees of the Town of Secaucus who are not
members of bargaining unit organized pursuant to N.J.S.A. 34:13A-1,
et seq., at the time of retirement and who are entitled to compensation
for unused or accumulated sick and/or vacation time in a total amount
greater than $25,000 shall, at the sole option of the Town, be paid
for accumulated time over a five year period, in equal annual installments
beginning the effective date of said employee's retirement.