Res01 14403 - Laserfiche WebLink

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If, as a result of such law, the level of benefits provided by such law for any group of employees, or their dependents, is lower In certain categories of services than that provided under the existing major plan, the City shall, to the extent practical, provide a plan of benefits supplementary to the federal or state benefits so as to make benefits in each category of coverage as nearly comparable as possible to the benefits provided under the existing major plan. The City need only expend for this purpose the actual amount required to achieve parity between the benefits provided under any federal or state plan as supplemented In the manner hereinabove described. In no event shall the City be required to expend for such purposes an amount which when added to the contributions or taxes required of the City under the federal or state act, shall exceed the amounts paid at the time such legislation becomes effective. If the benefits provided under the federal or state act exceed the benefits provided hereunder in each category of coverage, the City shall be under no further obligation to make any contribution. e. Life Insurance - The City shall offer to eligible employee's life Insurance equal to one and one -half (1 -1/2) times the employee's annual salary. f. Lona Term Disability - The City will contract with Lincoln National to provide Long Term Disability Insurance for Executive Management employees. The City, for the term of this agreement, 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 Securlty - 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 Omnlbus 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). IV. RETIREMENT 10