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ATTY/RESO.0084/CC RESO AMENDING EXECUTIVE MANAGEMENT SUMMARY OF BENEFITS, CLASSIFICATION, & WAGE AND SALARY PLAN – EXHIBIT A REV: 11-21-24 MI Page 16 of 23 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. 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). RELOCATION ASSISTANCE: Effective December 2, 2024, the City will provide new hires in the classifications of Assistant City Manager, Police and Fire Chiefs, and Department Directors reimbursement of documented relocation expenses. Offers of relocation assistance will be customized to meet the needs of the individual employee and the City, but will not exceed ten thousand dollars ($10,000). The City will use IRS guidelines to determine expenses which may be reimbursed. The payment and/or reimbursement of all relocation expenses will be treated as taxable wages in accordance with applicable law, and subject to applicable tax withholdings. All relocation assistance is subject to advance, written approval by Director of Human Resources. Employees are responsible for keeping accurate expense records, completing relocation expense reports and providing clear, readable receipts. Relocation assistance applies when the new hire’s permanent residence is more than one hundred (100) miles away from the City. Relocation and all assistance must occur within twelve (12) months from the hire date. Should the employee voluntarily leave City employment prior to twelve (12) months from the hire date, the employee must repay the total cost of relocation. 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