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• <br /> usually during retirement when the employee is presumably in a lower tax bracket. <br /> • Two plans are currently available le including ICMA Retirement Corporation(RC), and Minnesota <br /> State Deferred Compensation Plan. You may defer a maximum of 25% of your total salary or <br /> $7,500 per year, whichever is less, with a minimum of$10.00 per payroll period. Specific <br /> information pertaining to either plan is available through the Payroll office. <br /> POLICY: MISCELLANEOUS BENEFITS <br /> Approved By: City Council Section: 3.20 <br /> Revision History: 1992 Page: 1 of 2 <br /> Flexible Benefits <br /> The City of Mounds View offers to its employees Flexible Spending Accounts pursuant to <br /> Internal Revenue Code Section 125. <br /> Requirements for this program are as follows: <br /> 1. The participant must be a regular full or part time employee who has successfully <br /> completed his/her probationary period. <br /> 2. The maximum annual reimbursable expenses under the health plan are $2,000. <br /> • Direct Deposit <br /> The City has a program of direct deposit for all employees. By simple completing a brief form <br /> and submitting a deposit form and void check from your checking or savings account, your <br /> paycheck can be automatically deposited in your account. <br /> Credit Union <br /> For information regarding the credit union and its service, please contact the City-County Credit <br /> Union. <br /> Health Club Membership <br /> Employees are reimbursed for a health club membership in exchange for accrued sick leave. <br /> Employees can participate if a minimum balance of 80 hours sick leave is maintained. The <br /> maximum monthly contribution amount is $40 per month. <br />