1. An employee who terminates his/her employment for any reason may receive his/her banked sick leave accrual at the time of retirement or termination, based on his/her hourly rate frozen on April 1, 2006.

2. An employee may request through the Human Resource Office his/her banked sick leave to be paid in three annual installments prior to the retirement date. The employee must retire at the end of the three year period but may retire anytime within the three year period. If the employee chooses to retire within the three year period all remaining accrued leave will be paid upon the employee’s last day worked. The request is irrevocable.