Res00 13877 - Laserfiche WebLink

Browse Search

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. e. Life Insurance - The City shall offer to eligible employee's life insurance equal to one and one-half (1-1/2) times the employee's annual salary. f. Lone Term Disabilitv - The City will contract with Lincoln National to provide Long Term Disability Insurance for Executive Management employees. The City, for the term of this agreement, will pay the full cost of the basic rate (basic rate provides for up to a $2,000 maximum monthly payout). A buy -up option will be included to offer the employee the opportunity to increase their coverage, at their own expense, up to an additional $4,000 monthly payout. The total maximum monthly payout available will be $6,000. g. Social Securitv - 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. h. 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). IV. RETIREMENT Public Emnlovees' Retirement Svstem (PERS). - The City shall provide the Public Employees' Retirement System 2% at 55 formula retirement plan to all Executive Management employees 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 Public Safety employees, the City shall 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 Management seven percent (7%) towards the employee's contribution to the Public Employees Retirement System. The 7% contribution shall be added to the eligible compensation for establishing special compensation under California Public Employees Retirement System rules (PERS section 20023(c)(4). Please refer to the appropriate Public Employees' Retirement booklet for details of the 2% at 55 or 2% at 50 formula retirement plan benefits.