Res16 15533 - Laserfiche WebLink

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e. Life Insurance - The City shall provide "basic" life insurance coverage of $3,000 to all members of the Executive Management Group. The City shall offer to eligible employee's additional life insurance equal to one and one-half (1-1/2) times the employee's annual salary minus $3,000 at a 60/40 premium contribution split between the city and the employee respectively. f. Lonci Term Disability - The City will contract to provide Long Term Disability Insurance for Executive Management employees. The City will pay the full cost of the basic rate (basic rate provides for up to a $3,000 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 $3,000 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 Public Employees' Retirement System (PERS), - Tier 1 : For employees hired before October 24, 2011, the City shall provide the Local Miscellaneous Members Section 21354.5 two and seven-tenths percent (2.7%) at age fifty-five (55) retirement formula, and the Public Safety members Section 21362.2 three percent (3%) at age fifty (50) retirement formula . Final compensation is calculated based on the single highest year in accordance with Government Code Section 20042. Tier 2 : - Retirement benefits for employees hired on or after October 24, 2011, and do not meet the definition of "new member" as set forth in Government Code Section 7522.02(f), shall be those established by the Public Employees' Retirement System (PERS) for Local Miscellaneous Members two percent (2%) at sixty (60) formula retirement plan in accordance with Government Code Section 21353, and for Safety Members three percent (3%) at Age Fifty-Five (55) formula retirement plan in accordance with Government Code Section 21363 . 1 . Final compensation is calculated based on the average of three years of employment in accordance with Government Code Section 20037. ATTY/RES0.0096/CC RESO FOR EXECUTIVE MANAGEMENT SALARY & SUMMURY OF BENEFITS EXHIBIT B REV: 10-14-16 RL Page 11 of 18