(1) As a result of the merger on June 30, 2003, all Foothills Technical Institute employees will retain and transfer all annual leave balances, sick leave balances, and retirement benefits, including a retirement match of twelve percent (12%) for employees enrolled in the alternate retirement plans.
(2) Employees who have fifty (50) or more days of accumulated sick leave as of June 30, 2003, shall continue to be eligible to receive a lump sum payment for unused sick leave at the time of retirement.