2.84.310 Severance pay—Generally.
Whenever any permanent employee who has not reached minimum retirement age ceases to be employed by the city by reason of the elimination of a department or of a position, the employee shall be entitled to severance pay to be computed as follows:
A. One To Five Years. Employees who have been employed by the city for one to five years shall be paid an amount equivalent to their last full biweekly salary.
B. More Than Five Years. Employees who have been employed by the city for more than five years shall, in addition to the compensation stated in subsection A of this section, receive an amount equivalent to ten percent of their last full biweekly salary for each year of service or major portion (six months or more thereof) in excess of five years. (Prior code § 3.18.170)