Retirement Leave Policy. Policy shall be added to this Article 42, is hereby included herein as follows: * Employees who leave/retire in “good standing” after 7/1/14 shall receive accrued time buy-out not to exceed $30,000 lump sum with remainder paid out bi-weekly until exhausted. • Employee remains on payroll as a paid employee until accrued time is exhausted. As a paid employee the city will provide employee with medical benefits, vacation and holiday time. The accrual of vacation and holiday time will be pro-rated, based on the length of leave. Sick time and Comp time will not accrue while on leave. • An employee shall not be eligible for overtime, private duty or call back (re-hire), receives no other benefits, and shall surrender police powers and all equipment. Employee will sign a form that acknowledges that they have separated employment from the City of New London with an end date based on length of leave. • Bi-weekly payments will be equal to 80 hours of straight time pay at employee’s rate of pay at time of separation. • Employees who leave/retire in “good standing” between 7/1/14 and 6/30/15 have a one time option to receive full lump sum payment for accrued time. • Officer must leave in “good standing” to qualify for the Retirement Leave Policy and be issued a Retirement ID indicating HR-218 status. ARTICLE XLIII GENERAL PROVISIONS
Retirement Leave Policy. If Employee elects Pre-Retirement Leave, Imation agrees to pay Employee's portion of benefit costs only for medical and dental insurance coverage for a period of 26 weeks beginning immediately after Employee's termination. Thereafter, Employee will receive medical and dental insurance benefits at the same rates and under the same coverages as other similarly situated employees on Pre-
Retirement Leave Policy. If Employee elects Pre-Retirement Leave, Imation agrees to pay Employee's portion of benefit costs only for medical and dental insurance coverages for a period of 26 weeks beginning immediately after Employee's termination. Thereafter, Employee will receive medical and dental insurance benefits at the same rates and under the same coverages as other similarly situated employees on Pre-Retirement Leave. C. In the event that Employee elects continuation of benefits through COBRA, Imation will cover the full cost of Employee's benefit coverage, beginning on Employee's termination date as set forth in paragraph 3.A. below, and ending on the earlier of six (6) months or until Employee becomes covered by another employer's medical and dental insurance, whichever comes first. D. Notwithstanding Section 10 of Imation's 1996 Employee Stock Incentive Plan, if Employee elects Pre-Retirement Leave from Imation, all outstanding stock options held by Employee, which are listed on Exhibit A attached hereto, will become immediately vested AND MUST BE EXERCISED NO LATER THAN DECEMBER 31, 1999. ALL OF EMPLOYEE'S OUTSTANDING STOCK OPTIONS WILL EXPIRE ON JANUARY 1, 2000. If Employee elects to retire from Imation, then all stock options become immediately vested and options remain active through the full term of the grant as specified in Exhibit A. E. Imation will continue to pay premiums on Employee's Split Dollar Life Insurance Policy until Employee turns age 65. Employee understands and agrees that Imation is under no separate obligation to make such payments and benefits available to Employee and that they are offered to Employee solely in exchange for this Agreement, and as an accommodation to obtain Employee's resignation from Imation. Accrued but unused vacation pay and personal holidays will be paid separately pursuant to normal Imation policy.
Retirement Leave Policy. If Employee elects Pre-Retirement Leave, Imation agrees to pay Employee's portion of benefit costs only for medical and dental insurance coverages for a period of 26 weeks beginning immediately after Employee's termination. Thereafter, Employee will receive medical and dental insurance benefits at the same rates and under the same coverages as other similarly situated employees on Pre-Retirement Leave. D. In the event that Employee elects continuation of benefits through COBRA, Imation will cover the full cost of Employee's benefit coverage, beginning on Employee's termination date as set forth in paragraph 3 A. below, and ending on the earlier of six (6) months or until Employee becomes covered by another employer's medical and dental insurance coverage, whichever comes first. E. Notwithstanding Section 10 of Imation's 1996 Employee Stock Incentive Plan, upon termination of Employee's employment with Imation, all outstanding stock options held by Employee, which are listed on Exhibit A attached hereto, will become immediately vested AND MUST BE EXERCISED NO LATER THAN DECEMBER 31, 1999. ALL OF EMPLOYEE'S OUTSTANDING STOCK OPTIONS WILL EXPIRE ON JANUARY 1, 2000.
