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For the purposes of computing overtime compensation and compensatory time, overtime <br />hours worked shall not be pyramided, compounded, or paid twice for the same hours <br />worked. <br />5.7 Severance Pay <br />Severance pay is available to employees who have at least five (5) years of continuous service with <br />the City and resign "in good standing," as that phrase is used in Section 4.11 of this policy. <br />Employees who are discharged are not "in good standing" and may not receive severance pay <br />pursuant to this policy. <br />Qualifying employees who resign "in good standing" shall receive a lump sum payment upon <br />termination of employment with the city of Ramsey based on thirty-three (33) percent of <br />employee's unused, accumulated sick leave after five (5) years of continuous employment. After <br />fifteen (15) years of continuous employment, the employee will instead receive thirty-five (35) <br />percent of said employee's unused, accumulated sick leave. After twenty (20) years of continuous <br />employment, the employee will instead receive thirty-seven (37) percent of unused accumulated <br />sick leave. After twenty-five (25) years of continuous employment, the employee will instead <br />receive forty (40) percent of said employee's unused, accumulated sick leave. <br />Receipt of severance pay terminates all seniority rights and ends all city of Ramsey liability with <br />regard to other benefits, except as otherwise provided by law and any applicable collective <br />bargaining agreement. <br />241Page <br />