04-04-2022 Council Work Session Packet

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15. 472—.Pay Range. A schedule of minimum and maximum pay rates, which are established for each job classification. SECTION 5: EMPLOYEE BENEFITS 5.1 Health Care Benefits The City provides a combination of health care benefits, such as medical, dental, long-term disability, and life insurance. Regular full-time and part-time employees who work at least 30 hours per week on a regular basis are eligible for the health care benefit package commencing on the first of the month following date of hire. Benefits for regular part-time employees are pro- rated. Employees are responsible for participating in the cost of health care benefits pursuant to the City's annual review of participation levels. Employees who provide proof of insurance through an immediate family member, or who are eligible for Medicare, may waive insurance coverage and receive a monthly cash payment, which is established by the City Council annually. 5.4 Deferred Compensation The City will provide regular full-time and raft timeemployees the opportunity to participate in a pre-tax retirement savings program through payroll deductions. This voluntary retirement saving plan is designed to allow tax savings for employees. Full-time employees will be permitted to receive a cash payment for 50 percent of their unused annual sick leave accrual exceeding 720 hours at the conclusion of each calendar year. The balance of the unused sick leave will be added to the employee's sick leave bank up to the maximum accrual of 960 hours. The cash payment will be paid at the conclusion of each calendar year into the employee's designated deferred compensation plan as authorized by the City. 5.5 Long -Term Disability Long-term disability insurance is provided to regular full-time and part-time employees who work at least 30 hours per week on a regular basis. Long-term disability benefits for part-time employees are pro -rated based on the number of hours worked per week. Long-term disability benefits are available based upon the terms and conditions contained in the contract with the long-term disability insurer. Terms and benefits under the program are subject to change from time to time. 5.11 College Savings Plan Regular full-time employees may elect to contribute to the 529 Minnesota College Savings Plan through payroll deductions. The plan has special tax advantages that are designed to help college savings grow. All investment earnings and gains are income tax-free if used to pay N