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RESOLUTION No. 6352 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION ADDING SECTION 3.45 TO THE MOUNDS VIEW <br />PERSONNEL POLICY REGARDING RETIREMENT HEALTH SAVINGS PLANS <br /> <br />WHEREAS, the City Council passed Resolution 6228 on April 12, 2004 adopting the <br />ICMA Retirement Corporation’s VantageCare Retirement Health Savings (RHS) Program as <br />a benefit for city employees; and <br /> <br />WHEREAS; the RHS Trust Documents call for specific benefits to be defined in the <br />City’s Personnel Manual or labor contracts. <br /> <br />NOW, THEREFORE, BE IT RESOLVED, that the Mounds View City Council adds <br />the Retirement Health Savings Plan, Section 3.45 to the Mounds View Personnel Manual as <br />follows: <br /> <br />POLICY: RETIREMENT HEALTH SAVINGS SECTION 3.45 <br /> <br />The City of Mounds View offers its employees a Retirement Health Savings Plan pursuant <br />to Internal Revenue Code regulations through a third party administrator selected by the <br />City. <br /> <br />The following contributions will be allowed to the Retirement Health Savings Plan: <br />A. Upon separation from employment with the City, an employee may contribute their <br />compensation for accrued vacation and compensatory time. Employees who have <br />completed two years of service and leave in good standing may also contribute fifty <br />percent (50%) of unused sick leave calculated against a maximum accumulation of <br />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 <br />hours of sick leave after the contribution and would be allowed to convert up to 160 <br />hours 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 />