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POST EMPLOYMENT HEALTH CARE SAVINGS PL AN CITY OF ST. ANTHONY PLAN TO BEGIN ON JANUARY 1, 2007. The City of St. Anthony is interested in establishing a means for eligible employees to participate in a program to help defray some of the costs of post employment health related expenses using pre-tax dollars as allowed under IRS Regulations. The participation in a Post Employment Health Savings Care Plan (HCSP) is intended to provide an opportunity to accomplish that goal. The VANTAGECARE Retirement Health Savings Plan is an employer-sponsored program that allows eligible employees to participate in a Post Employment Health Care Savings Plan. The plan will be administered by ICMA Retirement Corporation (ICMA-RC) as allowed under Minnesota state statute #352.98. The plan will allow eligible employees to: 1. Defer a portion of an employee's bi-weekly salary for deposit into the HCSP for the payment of eligible health insurance premiums and/or healthcare related expenses after the separation of service from the City of St. Anthony. 2. At the time of termination, defer payment of a portion or all of an employee's severance payment for the payment of eligible health insurance premiums and/or healthcare expenses after the separation of service from the City of St. Anthony. For the purpose of this health care. savings plan, severance payments are subject to the City's Policy on termination. 3. There will be no contributions from the City into the plan other than those designated by the employee. PARTICIPATION ELIGIBILITY: This.program is offered to all non -represented employees in the following employee groups: • Full -Time Hourly Employees. • Full -Time Salaried Employees. • Department Heads • City Manager OPEN ENROLLMENT: • Open enrollment shall be November 1t—November 30th of each year. Deductions will start January 1, of the following year. • Newly hired of newly eligible employees will have.a 30 day election window from the date of their initial eligibility to make an election to participate in the retirement health savings plan. Deductions will begin the calendar month following the end of the election window. • If employee declines to participate, they can opt into the plan at any future open enrollment period. 47