For the purpose of this article and in the interpretation
and application hereof, except as the context may otherwise require,
as used in this section, the following terms shall have the meanings
indicated:
COMPENSATION
An employee's average annual compensation during the last
year of his full-time permanent employment with the City of North
Wildwood prior to the employee's retirement date.
DAILY RATE
Compensation, as herein defined, divided by the number of
working days in the particular employee's last year of full-time permanent
employment.
FULL-TIME PERMANENT EMPLOYMENT
Any assignment, within the classified service aforesaid,
to any position of full-time employment with the City of North Wildwood
for an indeterminate period as defined by the New Jersey Department
of Civil Service.
LONGEVITY FACTOR
A factor based upon the employee's length of full-time permanent
employment with the City of North Wildwood, which shall be utilized
to determine benefits as provided herein. Any employee in his final
year of employment who works more than six months shall be credited
for the full year; whereas, if the employee works for less than six
months, he will get no additional credit. The "longevity factor" shall
be as follows:
Years of Service
Factor
(percent)
0 to 14
0
15
20
16
23
17
26
18
29
19
32
20
35
21
38
22
41
23
44
24
47
25 and over
50
RETIREMENT
Includes any resignation after 14 years of service.
UNUSED SICK LEAVE
The number of days of accumulated sick leave accrued during
the employee's full-time permanent employment with the City of North
Wildwood, which is credited to the employee on his effective retirement
date.
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