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<br />ATTY/RESO.0062/CC RESO AMENDING SALARY PLAN & EXECUTIVE SUMMARY OF BENEFITS – EXHIBIT C <br />REV: 06-16-17 MI <br />Page 13 of 18 <br />hereinabove described. In no event shall the City be required to expend for such <br />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 /> <br />If the benefits provided under the federal or state act exceed the benefits provided <br />hereunder in each category of coverage, the City shall be under no further <br />obligation to make any contribution. <br /> <br />e. Life Insurance – The City shall provide “basic” life insurance coverage of $3,000 <br />to all members of the Executive Management Group. The City shall offer to eligible <br />employee’s additional life insurance equal to one and one-half (1-1/2) times the <br />employee's annual salary minus $3,000 at a 60/40 premium contribution split <br />between the city and the employee respectively. <br /> <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 /> <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 /> <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 /> <br />V. RETIREMENT <br /> <br />Public Employees' Retirement System (PERS) - <br /> <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 /> <br />8.C. - Page 40