Res11 15106 - Laserfiche WebLink

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f. Long Term Disabifuty - The City will contract 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 s3, 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 s3,000 monthly payout. The total maximum monthly payout available will be $6, 000 . g . Social Security - 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) . V. RETIREMENT P b!i k Employees' Retirement System ( 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 single highest year of employment. Retirement vesting occurs vvith five years of service in PERS . Upon ratification of agreements with the City by all bargaining units containing Miscellaneous Employees, the City will contract with PERS to provide the Local Miscellaneous Members Section 21354. 5, two and seven-tenths percent (2 . 7%) at age fifty-five (55) retirement formula in accordance with all PERS rules and regulations governing such contract amendment to be effective July 10, 2006 . 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. Effective July 1 , 2003, the City shall provide the 3% at 50 formula retirement plan for the classification of Fire Chief. Effective June 28, 2004, the City shall provide the 3 % @ 50 formula retirement plan for the classifications of Police Chief and Police Captains. -I ')