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EXHIBIT B. <br /> <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 /> <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 /> <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 /> <br />The following contributions will be allowed to the Retirement Health Savings Plan: <br /> <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 leave is limited to 50% of an <br />employee’s sick leave balance, which is capped as follows: <br /> <br />Base cap = 960 hours. The base cap shall be increased by 20 hours <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 /> <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 /> <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 /> <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. The enhanced sick leave payout is equal to 65% of an <br />employee’s sick leave 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 /> <br />4. Sick leave balances in excess of the maximum eligible above described cap as <br />defined above are not eligible for contribution or payout in any form, except as <br />follows: <br />POLICY: RETIREMENT HEALTH SAVINGS PLAN SECTION: 3.45