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ARTICLE 23 - SEVERANCE PAY <br /> 23.1 Lump Sum Severance i <br /> a <br /> A. Upon separation from employment with the City, employees with less than <br /> twenty (20) years of service and leave in good standing will receive a <br /> lump-sum taxable severance compensation for all accrued vacation and <br /> compensatory time. I <br /> 1 <br /> I <br /> B. Employees who separate with less than two years of service are not a <br /> eligible to be compensated for accrued sick leave. (Employees who <br /> separate with two or more years of service will contribute their eligible sick I <br /> leave hours to the Retirement Health Savings Plan as provided in 23.2.A). <br /> 23.2 Retirement Health Savings Plan <br /> I <br /> The City of Mounds View offers its employees a Retirement Health Savings Plan <br /> pursuant to Internal Revenue Code regulations through a third party l <br /> administrator selected by the City. Future changes in the Internal Revenue Code V <br /> regulations may change the tax status of this plan and the City shall not be liable I <br /> a <br /> for such changes. <br /> q <br /> 9 <br /> Contribution to the Plan shall occur according to the following provisions: <br /> A. Employees who have completed two or more years of service and leave in <br /> good standing shall direct their eligible sick leave compensation to the <br /> Plan. Eligible sick leave shall be computed based on years of completed <br /> service, less elected annual contributions, computed according to the v <br /> table in Appendix B, at a conversion rate of two for one (50%). I <br /> 1 <br /> Employees who had accumulated 960 or more hours of sick leave as of 1 <br /> January 1, 2005 are not subject to the computation table in Appendix B. g <br /> Rather, any such employee shall direct sixty-five percent (65%) of their <br /> remaining sick leave compensation to the Plan. I <br /> i <br /> B. Upon separation from employment with the City, employees who have <br /> completed twenty (20) or more years of service and leave in good <br /> standing will contribute 100% of their compensation for accrued vacation <br /> and compensatory time to the Plan. <br /> I <br /> I <br /> C. Employees will contribute a percentage of their annual pay on a pre-tax <br /> basis to the plan as follows: I <br /> 1 <br /> a <br /> I <br /> i <br /> 5 <br /> i <br /> I <br /> 12 <br /> 1 <br /> 1 <br /> i <br /> 1 <br /> I <br />