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agreed to be paid monthly hereunder by the City shall be reduced each <br /> month by the amounts which the City is required to expend during any <br /> such month in the form of contributions or taxes to support said <br /> federal or state health plan. <br /> If, as a result of such law, the level of benefits provided by such law <br /> for any group of employees, or their dependents, is lower in certain <br /> categories of services than that provided under Kaiser Foundation <br /> Health Services Plan, or the existing major plans, or their <br /> replacement, the City shall , to the extent practical , provide a plan of <br /> benefits supplementary to the federal or state benefits so as to make <br /> benefits in each category of coverage as nearly comparable as possible <br /> to the benefits provided under Kaiser Foundation and Health Service <br /> Plan, or to the existing major plans, or their replacement, for those <br /> employees who are participating in the PERS Health Benefits Plan. The <br /> City need only expend for this purpose the actual amount of existing <br /> medical plans or their replacement and the benefits provided under any <br /> federal or state plan as supplemented in the manner hereinabove <br /> described. In no event shall the City be required to expend for such <br /> purposes an amount which when added to the contributions or taxes <br /> required of the City under the federal or state act, shall exceed the <br /> amounts paid at the time such legislation becomes effective. <br /> If the benefits provided under the federal or state act exceed the <br /> benefits provided hereunder in each category of coverage, the City <br /> shall be under no further obligation to make any contribution. <br /> Life Insurance - The City shall offer to eligible employees life <br /> insurance equal to one and one-half (1-1/2) times the employee's annual <br /> salary not to exceed seventy-five thousand dollars ($75,000) , as <br /> provided in Attachment E to this policy. <br /> Senior Executives shall receive life insurance equal to one and <br /> one-half times their annual salary as provided in Attachment E to this <br /> policy. <br /> Social Security - In the event the City and its employees are required <br /> to participate in the Federal Social Security Program, the contribution <br /> designated by law to be the responsibility of the employee shall be <br /> paid in full by the employee and the City shall not be obligated to pay <br /> or "pick up" any portion thereof. <br /> COBRA - The City may cause employees not entitled to the benefits set <br /> forth in this Article who are allowed to remain on a City health <br /> insurance plan following separation from employment pursuant to the <br /> Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) to be <br /> charged for such coverage at the maximum rate permissible by law <br /> (presently 102% of the premium for an active employee) . <br /> Public Employees' Retirement System (PERS) - The City shall provide the <br /> Public Employees' Retirement System 2% at 60 formula retirement plan to <br /> all Executive Service Personnel in the miscellaneous employee <br /> categories. Retirement allowance shall be based on the highest 36 <br /> months of employment. Retirement vesting occurs with five years of <br /> 15 <br />