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ninety percent (90%) of the CalPERS Bay Area Kaiser Family Premium per employee, minus applicable administration fees. Health Savings/Cash Option — Effective January 1, 2012, if an employee elects no City -offered health insurance coverage and provides attestation of alternate "minimum essential coverage" for the employee and all individuals in his or her tax family, $200 per month may be taken as cash. The employee may also elect to have such funds deposited in a Flexible Spending Account (FSA) or Dependent Care Reimbursement Account. Retiree Health.— For Executive Management employees hired before January 1, 2013 who have five (5) years of service, or hired on or after January 1, 2013 who have ten (10) years of service, and retire under the City's retirement plan within one hundred twenty (120) days of separation from City employment, the retirement stipend paid by the City shall be as follows: Retiree Health Tier 1: For retirees hired by the City before September 1, 2018, the City's stipend shall be the amount of the premium for single party coverage in the plan selected by the retiree, not to exceed the amount of the CalPERS Bay Area Kaiser Premium for family coverage. The City will pay the PEMHCA minimum employer contribution to CaIPERS and reimburse the retiree for the remaining difference in premium amount. For Retiree Health Tier 1 retirees hired by the City before September 1, 2018, who reside in other higher priced regions, the City's stipend shall be the amount of the premium for single party coverage in the plan selected by the retiree, not to exceed the amount of the CalPERS Bay Area Kaiser Premium for family coverage based on the Bay Area Regional pricing schedule. The retiree will be required to pay the additional premium amount that is in excess of the Bay Area rates. The City will pay the PEMHCA minimum employer contribution to CaIPERS and reimburse the retiree for the remaining difference in the premium amount. Retiree Health Tier 2: For retirees hired by the City on or after September 1, 2018, the City's stipend shall not exceed ninety percent (90%) of the CalPERS Bay Area Kaiser Premium for single party coverage. The City will pay the PEMHCA minimum employer contribution to CalPERS and reimburse the retiree for the remaining difference in the premium amount. For Retiree Health Tier 2 retirees hired by the City on or after September 1, 2018, who reside in other higher priced regions, the City's stipend shall not exceed ninety percent (90%) of the CalPERS Bay Area Kaiser Premium for single party coverage. The retiree will be required to pay the additional premium amount that is in excess of the Bay Area rates. The City will pay the PEMHCA minimum employer contribution to CalPERS and reimburse the retiree for the remaining difference in the premium amount.