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state plan as supplemented in the manner hereinabove described. In no event shall the <br />City be required to expend for such purposes an amount which when added to the <br />contributions or taxes required of the City under the federal or state act, shall exceed <br />the amounts paid at the time such legislation becomes effective. <br /> <br />If the benefits provided under the federal or state act exceed the benefits provided <br />hereunder in each category of coverage, the City shall be under no further obligation <br />to make any contribution. <br /> <br />Life Insurance - The City shall offer to eligible employees life insurance equal to one <br />and one-half (1-1/2) times the employee's annual salary. <br /> <br />~ - In the event the City and its employees are required to participate in <br />the Federal Social Security Program, the contribution designated by law to be the <br />responsibility of the employee shall be paid in full by the employee and the City shall <br />not be obligated to pay or "pick up" any portion thereof. <br /> <br /> COBRA - The City may cause employees not entitled to the benefits set forth in this <br /> Article who are allowed to remain on a City health insurance plan following separation <br /> fi-om employment pursuant to the Consolidated Omnibus Budget Reconciliation Act of <br /> 1985 (COBRA) to be charged for such coverage at the maximum rate permissible by <br /> law (presently 102% of the premium for an active employee). <br /> <br /> Publig Employees' Retirement System (PERS) - The City shall provide the Public · <br /> Employees' Retirement System 2% at 60 formula retirement plan to all Executive <br /> Management employees in the miscellaneous employee categories. Retirement <br /> allowance shall be based on the highest 36 months of employment. Retirement vesting <br /> occurs with five years of service in PERS. <br /> <br /> For the Public Safety employees, the City shall provide the 2% at 50 formula <br /> retirement plan with the retirement allowance based on the employee's highest single <br /> year. <br /> <br /> The City shall contribute on behalf of Executive Management seven percent (7%) <br /> towards the employee's contribution to the Public Employees Retirement System. The <br /> 7% contribution shall be added to the eligible compensation for establishing special <br /> compensation under California Public Employees Retirement System rules (PERS <br /> section 20023(c)(4). <br /> <br /> Please refer to the appropriate Public Employees' Retirement booklet for details of the <br /> 2% at 60 or 2% at 50 formula retirement plan benefits. <br /> <br /> Educational Expense Reimbursement - Executive Management employees shall be <br /> eligible for reimbursement of costs of tuition, registration fees, books and supplies, and <br /> other educational expenses incurred in connection with enrollment in and successful <br /> <br /> <br />