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OPTION C: <br /> Another alternative could be taken. If the Council wants to reward the Chief for not <br /> having used his sick leave, but is concerned that 2700 hours is too much, 1800 hours could be <br /> used to calculate the sick leave. The breakdown of monthly payments and interest are shown on <br /> the attached spreadsheets. <br /> This amount would not be paid in a lump sum. It would be placed in a separate account to be <br /> used to pay for insurance payments over time only until the age of 65, or until the money runs <br /> out(whichever happens first) <br /> OPTION D: <br /> The Council could elect to apply the Union provision to the Chief as he is the head of the <br /> Department where the other employees receive this benefit. <br /> Under their negotiated union contracts, Patrol officers and Sergeants have an additional <br /> option of using 65% of their accumulated sick leave towards their insurance premium for as long <br /> as the funds are available until the retiree's 65th birthday. (Section 23 of the 1998 L.E.L.S. <br /> contract)' <br /> Upon retirement, Chief Ramacher will have approximately 2700 hours of sick leave built <br /> up. This would result in a payout over time of approximately $57,000. The monthly payments, <br /> interest and balance are broken down on the attached spreadsheets. <br /> Whichever option the Council elects,the appropriate language will be inserted into the <br /> attached Resolution and presented at the Council meeting. <br /> (As a side note, it has come to our attention that the Mounds View School District pays retired <br /> employees that have served over 15 years- life insurance, health and dental insurance until they <br /> reach age 65. They currently have over 150 retired employees receiving this benefit.) <br />