Agmt01 City Attorney Agreements - Laserfiche WebLink

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~en~ ~y; G£1Y O~ REDWOOD C£[Y j 650 366 2447j Jul-9-01 1:17P~; Page 10/12 If the benefits provided under the federal or state act exceed the benefits provid~ hereunder' in each category of coverage, the City shall be under no further obligation to make any ¢ontributien. e. Life Insurance - The City shall offer to elSgible employee's life in.trance ~qual toone and one-half (!-1/2) limes the ea~loyee's annual salary. f. ~JlS.T-cd3ll2~t~ - The City will contact wi~ Lincoln National m provkt~ Long Term Disability Insm'ance for Ex~cut/ve Management employee~. Thc City, for the tema of th/a agreement, w/ll pay the full cost of the basic rate (basic rat= provides f~r u~ to a $2;000 maxknmh monthly payou0. A buy-up opt/on w/Il be included to offer the employee the opportunity to increm¢ their covea'age, at thdr own ex'~-~e, u~ to an ~tiona] $4,000 monthly payout. The total max/mum monthly payout ava/fable w/il be $6,000. /b $oeisl Securttv- In the event the City and its employees are requ/red to pm~/cipa~e Federal Social Security Program, the contr/but/on desi/~ated by law to be the re~onsibility of the employee shall be paid in full by the employee md thc City shaL! not be obligated to pay or "pick up" any port/on ~.heren£ h. COBI~,& - The Cily may cause employees not entitled to the benefits set fo~h who an~ allowed to remain on a City health insurance platx following .se~a,~t/on from employment pursuant to thc Consolidated Omnibus Budget Reconciliation Act:.of (COBRA) to be charged for such coverage at the maximum rate p~missible by law (pr~cntly 102% of the p~,~um for an active ex,,ployee). Public Emnlovees~ Retirement System (PEll8~ - The City shall provide the Public Fanployees'. · .. Retirement Sy~r~'m 2% at 55 formula retirement plan to all Execlltive Ma~aSement employees in" ,.he miscellaneous ~nployee categories, Ret/remmt altowan~ shall b~ hued on thc bighc~t 36 ' months of employment. Retirement vesting oeour~ w/th five years of service in PERS. For the Public Safety ~CaFloy~, the City shall provide the 2% at 50 formula r~tirem~ plan'" ' wi~h t~e rtdrement allowance based on the employee's highest ~ingle year. Thc City shall contribute on behalf o£ members of th~ Executive Management sev~ pe~'va~t (7%) towards the employee's ¢on~'ibuQon to the Public Employe~ R~r=n=nt $!at~m. The 7% . contribution shall he added to the eligible compen~aQon for establishi'~E ~ compen.sa/ion tmd~r California Public Employ¢~s R=tir~ment Sysiem niles (PHRS section 20023(c)(a). Pl~as~ r~fer to tl~ appmpfia~ Public Employees' Retirement booklet for details of the 2% at ~$ · ' . or 2% at $0 formula r~'tirem~nt plan bene/i~s. . ..