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<br /> 24 <br />of the value of their then existing sick leave accrual balance not to exceed the 1176 cap. The amount will <br />be calculated using the employee’s regular hourly rate of pay in the year of their retirement. To be eligible <br />for this retirement funding, the employee must declare their intention to retire in writing at least 12 months <br />prior to the anticipated retirement date. After such declaration, failure to retire at the announced date will <br />result in the loss of 60% of the hours in the employee’s sick leave bank. However, if extenuating <br />circumstances exist, at the discretion of the Fire Chief, exceptions for earlier or later use of the incentive <br />may be granted. Extenuating circumstances could include bereavement; serious illness or accident; or <br />significant adverse family or personal circumstances. <br /> <br /> <br /> <br /> <br /> <br /> <br />