Res91 11638 - Laserfiche WebLink

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to the benefits provided under Kaiser Foundation and Health Service Plan B, or to the existing major plans, or their replacement, for those employees who have selected Kaiser Plan B and under the major medical plan. The City need only expend for this purpose the actual amount of Kaiser and the major medical plans or their replacement and the benefits provided under any federal or state plan as supplemented in the manner hereinabove described. In no event shall the City be required to expend for such purposes an amount which when added to the contributions or taxes required of the City under the federal or state act, shall exceed the amounts paid at the time such legislation becomes effective. If the benefits provided under the federal or state act exceed the benefits provided hereunder in each category of coverage, the City shall be under no further obligation to make any contribution. Life Insurance - The City shall offer to eligible employees life insurance equal to one and one-half (1-1/2) times the employee's annual salary not to exceed seventy-five thousand dollars ($75,000), as provided in Attachment E to this policy. Senior Executives shall receive life insurance equal to one and one-half times their annual salary as provided in Attachment E to this policy. Social Security - In the event the City and its employees are required to participate in the Federal Social Security' Program, the contribution designated by law to be the responsibility of the employee shall be paid in full by the employee and the City shall not be obligated to pay or "pick Up" any portion thereof.' COBRA - The City may cause employees not entitled to the benefits set forth in this Article who are allowed to remain on a City health insurance plan following separation from employment pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) to be charged for such coverage at the maximum rate permissible by law (presently 102% of the premium for an active employee). Public Em 10 ees' Retirement S stem PERS - The City shall provide the Public Employees' Retirement System 2 at 60 formula retirement plan to all Executive Service Personnel in the miscellaneous employee categories. Retirement allowance shall be based on the highest 36 months of employment. Retirement vesting occurs with five years of service in PERS. For the Police Chief and Fire Chief, the City ~hall provide the 2% at 50 formula retirement plan with the retirement allowance based on the employee's highest single year. The City shall contribute on behalf of members of the Executive Service seven percent (7%) towards the employee's contribution to the Public Employees Retirement System. The City shall provide employees who are within three (3) years of 15 ....--.... ..._._------~_.__..- -..