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Resolution 9845
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Resolution 9845
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Last modified
1/28/2025 4:55:58 PM
Creation date
12/12/2023 10:48:03 AM
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Template:
MV Commission Documents
Commission Name
City Council
Commission Doc Type
Resolutions
MEETINGDATE
12/11/2023
Commission Doc Number (Ord & Res)
9845
Supplemental fields
City Council Document Type
Resolutions
Date
12/11/2023
Resolution/Ordinance Number
9845
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Exhibit A <br /> Section 2.11 Retirement Health Savings Plan <br /> The City provides its employees with a Retirement Health Savings Plan (RHSP) pursuant <br /> to Internal Revenue Code regulations through a third party administrator selected by the <br /> City. Participation is mandatory and deductions begin on employees' first payroll. <br /> For purposes of Item A and D, eligible sick leave hours shall be capped. For each year <br /> beyond '10 an additional 20 hours will be added to the cap. <br /> The following contributions are required to the Retirement Health Savings Plan: <br /> A. Employees who have a sick leave balance of 600 or more hours shall contribute <br /> their excess balance to the RHSP at a 2 to 1 ratio with a maximum annual <br /> contribution of 160 hours (80 hours converted) or that amount which brings the <br /> employee's sick leave balance down to 600 hours—whichever is less. The City <br /> shall calculate and process the annual employee contribution to the RHSP on the <br /> first payroll period of December of each year. At no point however shall an <br /> employee's cumulative contributions exceed the employee's maximum eligible <br /> hours, as defined above. <br /> B. In addition to the provisions listed in Section A, the following table below and terms <br /> shall apply to all non-exempt employees and are calculated on January 1: <br /> Group Designation Age + Years of Service <br /> Group A U to 65 <br /> Group B 66 to 74 <br /> Group C 75 and above <br /> 1. Employees in Group A shall contribute 1% of their salary per payroll towards <br /> the RHSP and in addition, upon separation, employees in this group who <br /> have completed two (2) or more years of service and leave in good standing <br /> shall contribute fifty percent (50%) of accrued vacation compensation to the <br /> RHSP. <br /> 2. Employees in Group B shall contribute 5% of their salary per payroll towards <br /> the RHSP, and in addition, upon separation, employees in this group who <br /> have completed two (2) or more years of service and leave in good standing <br /> shall contribute one hundred percent (100%) of accrued vacation <br /> compensation to the RHSP. <br /> 3. Employees in Group C shall contribute 1% of their salary per payroll towards <br /> the RHSP and in addition, upon separation, employees in this group who <br /> have completed two (2) or more years of service and leave in good standing <br /> shall contribute one hundred percent (100%) of accrued vacation <br /> compensation to the RHSP. <br />
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