Agenda Packets - 2005/04/25 - Laserfiche WebLink

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contribution amount to provide dental coverage and/or supplemental life insurance offered according to established guidelines through the City’s plans. 17.3 The Employer will contribute a maximum amount of $613.30 per month in 2004 to each full-time permanent employee, for group health, dental and life insurance including dependant coverage. 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 has accumulated 960 hours of sick leave as a January 1, 2005, and who have completed ten (10) years of service will be eligible to receive severance pay in the amount of fifty percent (50%) of unused sick leave. Upon death of the employee, the beneficiary of the employee shall be paid the benefit. 23.12 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 the 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 Savings language of Section 22.3. 23.23 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 changes in the Internal Revenue Code regulations may change the tax status of this plan and the City shall not be liable for such changes. The employee is responsible for enrolling in the plan and designating a beneficiary during a regularly scheduled open enrollment period prior to termination of their 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