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6.2B <br /> Page 19 <br /> f. Lonq Term Disabilitv - The City will contract to provide Long Term Disability <br /> Insurance for Executive Management employees. The City, for the term of this <br /> agreement, will pay the full cost of the basic rate (basic rate provides for up fio a <br /> ��,�0�1 maximum mont�ly payout). A buy-up option wiil be included 'to ofter tne <br /> emplayee the opportunity to increase their coverage, at their own expense, up to <br /> an additional $3,aoo monthly payout. The total maximum mnnthly payout <br /> availab(e will be $fi,000. <br /> g. Social Securitv - .In the event the City and its employees are required to <br /> participate in the Federal Social Security Program, the contribution designated by <br /> iaw to be tne responsioiiiiy of the erripi�yee st7aii �ie �aid irt full by the empic�yee <br /> an� tn� City s��aii ���t be ��iigated t� �,ay ur "�ic€� up" d�j/ j�Gi'tIQCi ��iGi"�Q�. <br /> h. COBRA - The City may cause employees not entitled ta the benefits s�t forth in <br /> this Article who are allotived to remair� on a City health insurance plan following <br /> separation from employment pursuant to the Cnnsolidated Omnibus Budget <br /> Reconciliation Act of 1985 (COBRA} to be charged for such coverage at the <br /> maximum rate permissible by law (presently 102% of the premium for an active <br /> employee). <br /> V. RETIREMENT <br /> Public Emnloyees' Retirement System (PERS� - The City shall provide the Public <br /> Employees' Retirement System 2% at 5S formuia retirement plan to afl Executive <br /> Management employees in the miscellaneous employee categories. Retirement <br /> a�I04Vd(1Ce �h��� �u �a�°u on the a;ngle hirf�est �,��ar of e^�;!�rme^t. P.etirement vesting <br /> occurs with five years of sei°vice in PERS. <br /> Upon ratification of agreements with the City by all bargaining units containing <br /> Miscellaneous Employees, the City will contract with PERS to provide the �ocal <br /> MisceElaneous Members Section 21354.5, two and seven-tenths percent (2.7°ioj at ac�e <br /> fif�y-five (55) retirement farmula in accordance with all PERS rules and regulations <br /> governing such contract amendment to be effective )uly 10, 2006. <br /> For the Public Safety employees, the City shall provide the 2% at SO formula retirement <br /> plan with the retirement aliowance based on the employee's highest single year. <br /> Effective July 1, 2003, the City shall provide the 3% at 50 formula retirement plan for <br /> the classifcation of �ire Chief. <br /> Effective Iune 28, 2004, the City shall provide the 3% @ SO formula retirement plan for <br /> the classifications of Police Chief and Police Capta�ns. <br /> 13 <br />