[Added 6-24-14 by Ord. No. 2014-22]
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.