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EXHIBIT B. <br /> POLICY: RETIREMENT HEALTH SAVINGS PLAN SECTION: 3.45 <br /> The City of Mounds View offers its employees a Retirement Health Savings Plan (RHSP) <br /> pursuant to Internal Revenue Code regulations through a third party administrator <br /> selected by the City. <br /> For purposes of severance and contribution into an employee's RHSP, eligible sick leave <br /> hours shall be capped based upon the following formulas, where "Y" represents the <br /> number of years of service completed by the employee and "M" represents the maximum <br /> eligible hours. <br /> If Y is equal to or less than 10, then M = 96 * Y. <br /> If Y is equal to 11 or more, then M = (Y-10) * 20 + 960. <br /> The following contributions will be allowed to the Retirement Health Savings Plan: <br /> D A. Upon separation from the City, employees who have completed two or more years <br /> of service and leave the City in good standing shall contribute 100% of their eligible <br /> sick leave hours, converted at the rate of 50%, to their RHSP, in accordance with <br /> the following except as noted below, eligible sick Icavc is limited to 50% of an <br /> _ •_e _ _ <br /> per year for each year employed beyond ten years. For example, a <br /> 15 year employee's cap would be 1060 hours and a twenty year <br /> employee's cap would be 1160 hours. <br /> 1. For employees hired after January 1, 2008, sick leave hours paid out as <br /> severance shall not exceed the employee's maximum eligible hours cap less <br /> any annual contributions made under Section A. <br /> 2. Employees with less than two years of service with the City are not eligible to <br /> contribute sick leave hours to the RHSP and have no right to any payout of <br /> unused sick leave hours. <br /> 3. Employees who had completed ten years of service by January 1, 2008, qualify <br /> for enhanced sick leave payout at the rate of 65%. Upon separation, qualifying <br /> employees shall contribute 100% of their eligible sick leave hours to their RHSP <br /> at the enhanced rate. • • - • - <br /> employee's sick I ave balance. (The enhanced conversion rate of 65% applies <br /> ONLY to sick leave hours contributed at separation, subject to the maximum <br /> cap addressed above.) <br /> 4. Sick leave balances in excess of the maximum eligible cap as <br /> defined above are not eligible for contribution or payout in any form, except as <br /> follows <br />