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8.3.B. - Page 39 <br /> which the city is required to expend during such month in the form of <br /> contributions or taxed to support said federal or state health plan. <br /> If, as a result of such law, the level of benefits provided by such law for any <br /> group of employees, or their dependents, is lower in certain categories of <br /> services than that provided under the existing major plan, the City shall, to the <br /> extent practical, provide a plan of benefits supplementary to the federal or state <br /> benefits so as to make benefits in each category of coverage as nearly <br /> comparable as possible to the benefits provided under the existing major plan. <br /> The City need only expend for this purpose the actual amount required to <br /> achieve parity between the benefits provided under any federal or state plan as <br /> supplemented in the manner hereinabove described. In no event shall the City <br /> be required to expend for such purposes an amount which when added to the <br /> contributions or taxes required of the City under the federal or state act, shall <br /> exceed the amounts paid at the time such legislation becomes effective. <br /> If the benefits provided under the federal or state act exceed the benefits <br /> provided hereunder in each category of coverage, the City shall be under no <br /> further obligation to make any contribution. <br /> e. Life Insurance — The City shall provide "basic" life insurance coverage of <br /> $3,000 to all members of the Executive Management Group. The City shall offer <br /> to eligible employee's additional life insurance equal to one and one-half (1-1/2) <br /> times the employee's annual salary minus $3,000 at a 60/40 premium <br /> contribution split 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 <br /> of the basic rate (basic rate provides for up to a $3,000 maximum monthly <br /> payout). A buy-up option will be included to offer the employee the opportunity <br /> to increase their coverage, at their own expense, up to an additional $3,000 <br /> monthly payout. 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 /> Page 11 of 18 <br />