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<br />maintained by the Association. The City's <br />obligation to pay such premiums shall be <br />terminated when the sum of premiums paid <br />equals one-hundred fifty percent (150%) of <br />the amount of the lump sum payment that the <br />employee would have received for unused sick <br />leave benefits had this option not been <br />elected, not to exceed a maximum of 640 <br />hours. <br /> <br />2. After 15 years of cumulative full-time service <br />with the City, each qualified employee shall be <br />entitled to credit for two-thirds (2/3) of the <br />total sick leave benefit credited to his or her <br />account upon the effective date of such <br />termination, not to exceed a maximum limit of <br />1,066 hours, calculated at the rate of pay in <br />effect on the date of such termination. This <br />credit shall be applied toward monthly health <br />insurance premiums or toward long-term care <br />insurance premiums, beginning on the effective <br />date of termination. The City's obligation to pay <br />such premiums to the Association on behalf of the <br />employee shall be terminated when the total <br />credit as described above has been exhausted. <br /> <br />3. After 20 years of cumulative full-time service <br />with the City, each qualified employee shall be <br />entitled to one of two options: (a) payment for <br />1/3 of the total sick leave benefit credited to <br />his or her account upon the effective date of <br />such termination, not to exceed a maximum limit <br />of 533 hours, at the rate of pay in effect on the <br />date of such termination, or (b) credit for 2/3 <br />of the total sick leave benefit credited to his <br />or her account upon the effective date of such <br />termination, not to exceed a maximum limit of <br />1,066 hours, as defined in "2" above. <br /> <br />4. After 25 years of cumulative full-time service <br />with the City, each qualified employee shall be <br />entitled to one of two options: (a) payment for <br />2/3 of the total sick leave benefit credited to <br />his or her account upon the effective date of <br />such termination, not to exceed a maximum limit <br />of 1,066 hours, at the rate of pay in effect on <br />the date of such termination, or (b) credit for <br />2/3 of the total sick leave benefit credited to <br />his or her account upon the effective date of <br />such termination, not to exceed a maximum limit <br />of 1,066 hours, as defined in "2" above. <br /> <br />5. At the employee's election, payment for unused <br /> <br />46 <br />