Laserfiche WebLink
<br />". <br /> <br />~c. 31 <br /> <br />f. LoBI Term Disability - The City will contract with Lincoln National to provide Long Tenn <br />Disability Insurance for Executive Management employees. The City, for the tenn of this <br />agreement, will pay the full cost of the basic rate (basic rate provides for up to a $2,000 <br />maximum monthly payout). A buy-up option will be included to offer the employee the <br />opportunity to increase their coverage, at their own expense, up to an additional $4,000 <br />monthly payout. The total maximum monthly payout available will be $6,OOO~ <br /> <br />g. Social Security - In the event the City and its employees are required to participate in the <br />Federal Social Security Program, the contribution designated by law to be the responsibility <br />of the employee shall be paid in full by the employee and the City shall not be obligated to <br />payor "pick up" any portion thereof. <br /> <br />h. COBRA - The City may cause employees not entitled to the benefits set forth in this Article <br />who are allowed to remain on a City health insurance plan following separation from <br />employment pursuant to the Consolidated OInnibus Budget Reconciliation Act of 1985 <br />(COBRA) to be charged for such coverage at the maximum rate permissible by law <br />(presently 102% of the premium for an active employee). <br /> <br />IV. <br /> <br />RETIREMENT <br /> <br />Public Employees' Retirement System lPERS) - The City shall provide the Public Employees' <br />Retirement System 2% at 55 fonnula retirement plan to all Executive Management employees in <br />the miscellaneous employee categories. Retirement allowance shall be based on the highest 36 <br />months of émployment. Retirement vesting occurs with five years of.service in PERS. <br /> <br />For the Public Safety employees, the City shall provide the 2% at 50 fonnula retirement plan <br />with the retirement allowance based on the. employee's highest single year. <br /> <br />The City shall contribute on behalf of members of the Executive Management seven percent <br />(7%) towards the employee's contribution to the Public Employees Retirement System. The 7% <br />contribution shall be added to the eligible compensation for establishing special compensation <br />under California Public Employees Retirement System rules (pERS section 20023 ( c)( 4). . <br /> <br />Please refer to the appropriate Public Employees' Retirement booklet for details of the 2% at 55 <br />or 2% at 50 fonnula retirement plan benefits. <br />. . <br /> <br />8 <br /> <br />. '.'---'.....-~..--..'" ... <br />