Reso 2000-244 - Laserfiche WebLink

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b. Employer further acknowledges that Employee has accumulated benefits in the form of unused vacation leave totaling 267 hours and sick leave totaling 207 hours, for an amount totaling 474 hours. Upon the approval of this Agreement by the City Commission, based on Employee's retirement as contemplated herein; Employee is entitled to a lump-sum cash payment of all the accumulated leave balances enumerated above at Employee's current rate of earnings which equals $44.594 per hour. Employer hereby agrees that said payment is in addition to the funds enumerated in Paragraph 2a. herein and that the payment of leave time accrued shall be made on July 12,2000. c. Employer further acknowledges that Employee has additional monies invested in deferred compensation and other employee benefit plans offered by Employer to Employee. Employer hereby agrees and warrants that it will take all necessary steps to immediately process all required forms and/or paperwork to effectuate the transfer of said monies to the Employee or to another qualified benefit plan as directed by Employee. d. Nothing in the Agreement shall affect Employee's right to elect and pay for continuation of his AFLAC, dental and vision insurance coverage under the Employer's benefit plan pursuant to the Consolidated Omnibus Reconciliation Act of 1985 (C.O.B.R.A.) and existing state laws. e. Nothing in this Agreement shall affect Employee's right to elect and pay for continuation of his term life insurance coverage under the Employer's group life insurance plan. 3. General Acknowledgement. Waiver and Release by Employee and Covenant Not to Sue: Employee hereby agrees to release Employer from any and all claims Employee may have as a result of his employment relationship with Employer including but not limited to claims for worker's compensation (unless such claim was filed prior to May 30, 2000), or, unemployment compensation benefits and shall execute a General Acknowledgement, Waiver and Release Agreement in the form attached hereto as Exhibit "A." This provision and execution of the General Acknowledgement, Waiver and Release referenced herein is not intended to preclude Employee's right to enforce the terms of this Settlement Agreement. Moreover, Employer acknowledges and agrees that it will honor its obligation to defend, indemnify and hold Employee harmless in association with civil and/or criminal actions arising out of and in the course of Employee's employment with Employer in accordance with the terms of the Limited Release of the City of Sunny Isles Beach. 4. Advice of Counsel: Employer and Employee acknowledge that they have consulted with and have had the advice of independent legal counsel in connection with, and prior to, executing this Settlement Agreement. The language of this Settlement Agreement has been approved by counsel for the parties. 5. Power to Bind. Each person executing this Agreement on behalf of each party indicated represents that he or she is more than twenty-one (21) years of age and he or she has full power and authority to bind the party indicated. Neustadt Settlement Agreement LMD:ch 6/20/00 -- 1 :37 PM 2