Resolution 6543 - Laserfiche WebLink

Home Browse Search

~ . . 17.4 The EMPLOYER will contribute a maximum amount of $672.30 per month in 2005 to each full-time permanent employee, for group health, dental and life insurance including dependant coverage. If the increase in the lowest cost group health insurance premium for family coverage in 2005 is 15% or greater, the City will contribute an additional $10 per month per employee. 4. Article 23 Severance Pay 23.1 Any employee who h3s accumulated 960 hours of sick 103\'0 3S 3 J3nU31)' 1,2005, 3nd v.'ho h3vo completed ton (10) years of sorvice 'Nill bo oligiblo to recoivo sovor3nce P3Y in the 3mount of fifty percent (50%) of unused sick 103vo. Upon de3th of tho omployee, tho bonoficial)' of tho omployoo Sh311 bo p3id tho bonefit. 23.1~Any employee who has accumulated a minimum of 960 hours of sick leave as of January 1, 2005 will be eligible to contribute, in lieu of severance pay as provided in Section 23.1, sixty-five percent (65%) of the employee's accumulated and baked sick leave for contribution to th'3 employee's designated health savings plan. Employees who have accumulated a minimum of 960 hours of sick leave as of January 1, 2005, will be covered by the Retirement Health Saving~) language of Section 22.3. 23.2~ Retirement Health Savings The City of Mounds View offers its employees a Retirement Health Savings Plan pursuant to Internal Revenue Code regulations through a third party administrator selected by the City. Future chanqes in the Internal Revenue Code requlations may change the tax status of this plan and the City shall not be liable for such chanqes. The employee is responsible for enrollinq in the plan and desiqnatinq a beneficiary during a reqularly scheduled open enrollment period prior to termination of theil: employment. The following contributions will be allowed to the Retirement Health Savings Plan: A. Upon separation from employment with the City, an employee may contribute their compensation for accrued vacation and compensatory time. Employees who have completed two years of service and leave in good standing may also contribute fifty percent (50%) of unused sick leave calculated against a maximum accumulation of 960 hours. Additional bank sick leave hours will not be computed for the contribution. B. An employee may elect to contribute a percentage of their annual pay to the plan on a pre-tax basis. Once this election is made, it can never be changed. C. An employee may elect to make an after-tax contribution of their annual pay to the plan. This election may be changed each