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6.3.A. - Page 19 <br /> employee's annual salary minus $3,000 at a 60/40 premium contribution split <br /> between the city and the employee respectively. <br /> f. Long Term Disability - The City will contract to provide Long Term Disability <br /> Insurance for Executive Management employees. The City will pay the full cost of <br /> the basic rate (basic rate provides for up to a $3,000 maximum monthly payout). <br /> A buy-up option will be included to offer the employee the opportunity to increase <br /> their coverage, at their own expense, up to an additional $3,000 monthly payout. <br /> The total maximum monthly payout available will be $6,000. <br /> g. Social Security - In the event the City and its employees are required to <br /> participate in the Federal Social Security Program, the contribution designated by <br /> law to be the responsibility of the employee shall be paid in full by the employee <br /> and the City shall not be obligated to pay or "pick up" any portion thereof. <br /> h. COBRA - The City may cause employees not entitled to the benefits set forth in <br /> this Article who are allowed to remain on a City health insurance plan following <br /> separation from employment pursuant to the Consolidated Omnibus Budget <br /> Reconciliation Act of 1985 (COBRA) to be charged for such coverage at the <br /> maximum rate permissible by law (presently 102% of the premium for an active <br /> employee). <br /> V. RETIREMENT <br /> Public Employees' Retirement System (PERS) - <br /> Tier 1: For employees hired before October 24, 2011, the City shall provide the Local <br /> Miscellaneous Members Section 21354.5 two and seven-tenths percent (2.7%) at age <br /> fifty-five (55) retirement formula, and the Public Safety members Section 21362.2 three <br /> percent (3%) at age fifty (50) retirement formula. Final compensation is calculated based <br /> on the single highest year in accordance with Government Code Section 20042. <br /> Tier 2: - Retirement benefits for employees hired on or after October 24, 2011, and do <br /> not meet the definition of "new member" as set forth in Government Code Section <br /> 7522.02(f), shall be those established by the Public Employees' Retirement System <br /> (PERS) for Local Miscellaneous Members two percent (2%) at sixty (60) formula <br /> retirement plan in accordance with Government Code Section 21353, and for Safety <br /> Members three percent (3%) at Age Fifty-Five (55) formula retirement plan in accordance <br /> with Government Code Section 21363.1. Final compensation is calculated based on the <br /> average of three years of employment in accordance with Government Code Section <br /> 20037. <br /> ATTY/RESO.3159/CC RESO AMENDING EXECUTIVE MANAGEMENT SUMMARY <br /> REV: 11-24-15 RS <br /> Page 14 of 19 <br />