An employee in a position reclassified to a lower classification shall have the right of either: (1)¬†transferring to a vacant position in his/her present classification in the same or another department, provided the head of the department into which the transfer is proposed agrees, or (2)¬†continuing in the same position in the lower classification at a “Y” rate of pay when the incumbent’s pay is higher than the maximum step of the salary range for the lower classification.