Agenda Packets - 1997/09/15 - Laserfiche WebLink

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member of the coordinated PERA-FICA program. To participate in this program, each 11111 employee has a deduction from his/her paycheck and the City then pays a portion of the employee's salary as a "match" (match percentage varies for Patrol Officers). Early Retirement If you retire before age 65, you may be eligible for a reduced benefit providing you are at least age 55 and have three or more years of service; or you have 30 or more years of service, regardless of age (if first hired prior to July 1, 1989). Deferred Compensation Deferred compensation is an IRS approved method for deferring federal and some state income taxes on savings until retirement. Taxes are paid on the savings and earnings when withdrawn, usually during retirement when the employee is presumably in a lower tax bracket. Two plans are currently available including ICMA Retirement Corporation (RC), and Minnesota State Deferred Compensation Plan. You may defer a maximum of 25% of your total salary or $7,500 per year, whichever is less, with a minimum of$10.00 per payroll period. Specific information pertaining to either plan is available from the Finance Department. POLICY: SICK LEAVE Approved By: City Code Section: 3.35 Revision History: 1988, 1997 Regular full-time and part-time employees averaging more 20 hours or more per week are 4110 eligible to receive sick leave with pay after completion of their initial six month probationary period. Although new probationary employees are not entitled to use paid sick leave, sick hours begin accruing on the first day of employment. Promotional probationary employees may make use of sick leave however, if the sick leave exceeds a total of five working days, the probationary period shall automatically be extended a like period of time. Sick leave accrues at the rate of 8 hours per month unless otherwise established by a bargaining agreement. Regular part-time employees eligible for paid leave earn it on a pro- rated basis. Sick leave may be accumulated to a maximum of 120 days. Employees who have accumulated the maximum 120 days sick leave shall be permitted to accrue an additional "bank" of sick leave at the rate of one day per month. Additonal banked hours may be used only in the event regular sick leave hours are exhausted. Banked sick leave shall not a counted in the calculation of severance benefits and can only be used the employee has accumulated the Banked Sick Leave hours. (See Section 5.30 Termination and Separation Policies). Sick Leave Use Sick leave should not be considered a privilege or vested right that may be used at employee's discretion but shall be considered as a type of insurance used for the case of an illness, disability of the employee, or to receive dental or medical care when approved by the employee's Supervisor. Sick leave may also be used by an employee to care for an employee's spouse, child, sister, • brother, mother, father, mother-in-law, or father-in-law who has a serious health condition (as definition section). Sick leave may be used by an employee to attend the funeral of the