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<br />08/28/2007 <br /> <br />f. Lona 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 to a <br />$3,000 maximum monthly payout). A buy-up option wiii be included to offer the <br />employee the opportunity to increase their coverage, at their own expense, up to <br />an additional $3,000 monthly payout. The total maximum monthly payout <br />available will be $6,000. <br /> <br />g. Social Security - In the event the City and its employees are required to <br />participate in the Federal Social Security Program, the contribution designated by <br />law to be the responsibility of the employee shail be paid in full by the employee <br />and the City shail not be obligated to payor upick up" any portion thereof. <br /> <br />h. COBRA - The City may cause employees not entitled to the benefits set forth in <br />this Article who are allowed to remain on a City health insurance plan following <br />separation from employment pursuant to the Consolidated 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 /> <br />V. RETIREMENT <br /> <br />Public Employees' Retirement System (PERS) - The City shall provide the Public <br />Employees' Retirement System 2% at 55 formula retirement plan to all Executive <br />Management employees in the miscellaneous employee categories. Retirement <br />allovvance shall be based on the single highest year of employment. Retirement vesting <br />occurs with five years of service in PERS. <br /> <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 Local <br />Miscellaneous iv1embers Section 21354.5, two and seven-tenths percent (2.7%) at age <br />fifty-five (55) retirement formula in accordance with all PERS rules and regulations <br />governing such contract amendment to be effective July 10, 2006. <br /> <br />For the Public Safety employees, the City shall provide the 2% at 50 formula retirement <br />plan with the retirement allowance based on the employee's highest single year. <br /> <br />Effective July 1, 2003, the City shall provide the 3% at 50 formula retirement plan for <br />the classification of Fire Chief. <br /> <br />Effective June 28, 2004, the City shall provide the 3% @ 50 formula retirement plan for <br />the classifications of Police Chief and Police Captains. <br /> <br />1 ~ of 19 <br /> <br />14801 <br />Muff #905 <br />