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23 <br /> <br />Section 2.08 Miscellaneous Benefits <br /> <br />A. HEALTH CLUB MEMBERSHIP <br /> <br />Employees may request reimbursement for health club memberships in exchange for <br />accrued Sick Leave. An hour of Sick Leave is valued at the employee’s current rate of <br />pay. Employees can participate if a minimum balance of 80 hours sick leave is <br />maintained. The maximum monthly reimbursement amount is $75 or an annual maximum <br />reimbursement of $900. Balance and contribution amounts are pro-rated for part-time <br />employees. <br /> <br />B. EMPLOYEE WORKOUT FACILITY <br /> <br />The City provides a workout facility (fitness equipment) located in the City Hall basement <br />for employee use. In order to use the equipment employees must first sign a release of <br />liability and submit the form to Human Resources. <br /> <br />Section 2.09 Retirement Benefits <br /> <br />A. PERA <br /> <br />PERA (Public Employees Retirement Association) is available to elected and non-elected <br />public employees who meet eligibility requirements. If the employee meets income and <br />position requirements set by state statute, he or she automatically becomes a member <br />when employment commences. Membership is optional for qualified elected employees <br />or those appointed to an elected office. Any employee hired after January 1, 1968 is a <br />member of the Coordinated PERA program. To participate in this program, each <br />employee has a deduction from his or her paycheck and the City then pays a portion of <br />the employee’s salary as a “match” (match percentage varies for Patrol Officers). <br /> <br />(Refer to https://www.mnpera.org/employers/reporting-basics/contribution-rates/ to see <br />the PERA contribution rates.) <br /> <br />B. DEFERRED COMPENSATION <br /> <br />Deferred compensation is an IRS approved method for deferring federal and state income <br />taxes on savings until retirement. Taxes are paid on the savings and earnings when <br />withdrawn, usually during retirement when the employee is presumably in a lower tax <br />bracket. <br /> <br />Two (2) plans are currently available including ICMA Retirement Corporation (RC), and <br />Minnesota State Deferred Compensation Plan (Minnesota State Retirement System <br />MSRS). You may defer a maximum of 100% of your total salary or a maximum amount <br />as set by Federal regulations, whichever is less, with a minimum of $10.00 per payroll <br />period. Specific information pertaining to either plan is available from the Human