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120 days. Additional banked sick leave hours will not be computed for the <br />contribution. <br />B. An employee may elect to contribute a percentage of their annual pay to the plan <br />on a pre-tax basis. Once this election is made, it can never be changed. <br />C. An employee may elect to make an after-tax contribution of their annual pay to the <br />plan. This election may be changed each year, but is limited to 25% of total <br />contributions to the plan by all employees. <br />D. An employee may annually elect to contribute a portion of their sick leave balance <br />to the plan. The employee would have to maintain a minimum balance of 480 hours <br />of sick leave after the contribution and would be allowed to convert up to 160 hours <br />of sick leave into 80 hours of RHS contribution per year at a 2 to 1 rate. This <br />election may be changed each year. <br /> <br /> <br />Recommendation: <br />It is recommended that the City Council approve the attached Resolution 6352 that adds <br />Section 3.45 to the Mounds View Personnel Policy regarding retirement health savings <br />plans. Such language will also be considered for labor contracts as they are negotiated in <br />the future. <br /> <br /> <br />___________________________ <br />Charles Hansen, Finance Director <br /> <br />