HomeMy WebLinkAboutResolution 6352
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RESOLUTION No. 6352
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION ADDING SECTION 3.45 TO THE MOUNDS VIEW
PERSONNEL POLICY REGARDING RETIREMENT HEALTH SAVINGS PLANS
WHEREAS, the City Council passed Resolution 6228 on April 12, 2004 adopting the
ICMA Retirement Corporation's VantageCare Retirement Health Savings (RHS) Program as
a benefit for city employees; and
WHEREAS; the RHS Trust Documents call for specific benefits to be defined in the
City's Personnel Manual or labor contracts.
NOW, THEREFORE, BE IT RESOLVED, that the Mounds View City Council adds
the Retirement Health Savings Plan, Section 3.45 to the Mounds View Personnel Manual as
follows:
POLICY:
RETIREMENT HEALTH SAVINGS
SECTION 3.45
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.
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
120 days. Additional banked sick leave hours will not be computed for the
contribution.
B. An employee may elect to contribute a percentage of their annual pay to the plan
on a pre-tax basis. Once this election is made, it can never be changed.
C. An employee may elect to make an after-tax contribution of their annual pay to the
plan. This election may be changed each year, but is limited to 25% of total
contributions to the plan by all employees.
D. An employee may annually elect to contribute a portion of their sick leave balance
to the plan. The employee would have to maintain a minimum balance of 480
hours of sick leave after the contribution and would be allowed to convert up to 160
hours of sick leave into 80 hours of RHS contribution per year at a 2 to 1 rate. This
election may be changed each year.
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Resolution 6352
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Adopted this 25th day of October, 2004
ATTEST:
(seal)
~~'t; (SJ
Kurt Ulrich, City Administrator