§ 20.460. Retirement incentive plans.

(a) Plan through May 11, 2003. Any eligible employee who has submitted a signed and completed election to retire form or a signed and completed election to resign form during the prescribed election period and who separates from service after April 18, 2003 and prior to May 12, 2003, shall receive a lump-sum cash payment, with all applicable federal and state taxes withdrawn, of the greater of:

(1)

Twenty thousand dollars ($20,000.00); or

(2)

A lump sum equal to the amount of sick leave payable to the employee or contributable to the employee's health care saving account pursuant to a collective bargaining agreement; or

(3)

A lump sum equal to the amount of sick leave contributable to the employee's health care saving account under section 20.440(a).

(b)

May 12, 2003 through May 30, 2003 plan. Any eligible employee who has submitted a signed and completed election to retire form or a signed and completed election to resign form during the prescribed election period and who separates from service between May 12, 2003, and May 30, 2003, shall have deposited into the employee's health care savings account, the greater of:

(1)

Twenty thousand dollars ($20,000.00); or

(2)

A lump sum equal to the amount of sick leave payable to the employee or contributable to the employee's health care saving account pursuant to a collective bargaining agreement; or

(3)

A lump sum equal to the amount of sick leave contributable to the employee's health care saving account under section 20.440(a).

(c)

Eligible employee. For the purposes of this section, an eligible employee means an employee of the city under city council jurisdiction but excluding employees who are members of the Police Officers' Federation of Minneapolis and the International Association of Firefighters, Local No. 82, who resigns with no less than twenty (20) years of qualified service as computed for retirement purposes or who is eligible to retire an unreduced pension.

(d)

Incentive period. To participate in these incentive plans, the employee must file a written signed election to resign form or a written and signed election to retire form to the human resources department to the attention of the employee relations director, during the prescribed election period of April 14, 2003, through April 18, 2003, inclusive.

(e)

Recision period. An employee may rescind the election to resign or election to retire pursuant to state law, civil service rules or collective bargaining agreement.

(f)

Payment. Payment under section 20.460(a) shall be made within thirty (30) days after the expiration of all applicable notice, waiver and rescission time periods.

(g)

Pension benefit impact. To the extent permitted by law, the contribution shall have no financial impact on the eligible employee's current or future pension benefits.

(h)

Employees who separate employment under the terms of this section, shall be ineligible for future employment with a city department under council jurisdiction. (94-Or-065, § 1, 5-27-94; 98-Or-137, § 3, 11-13-98; 2003-Or-046, §§ 8, 9, 4-4-03; 2010-Or-004, § 1, 1-29-10)