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that the majority of City Executive Management receive the cost of living adjustment or salary increase. 2.2 Benefits 2.2.1 Employee Benefits Except as expressly provided for in this Agreement (sick leave, vacation, car allowance, 457 deferred compensation), Clerk of Council shall be entitled to receive the same benefits provided to other Executive Management employees pursuant to Resolution No. 2015-026, as may be amended from time to time by the City Council. These benefits include, but are not limited, to health insurance (medical, dental, vision), holidays, retiree health savings plan, group life and disability insurance, and bereavement leave. 2.2.2 Sick Leave Accrual Clerk of Council will accrue 8 hours of sick leave per calendar month of service. 2.2.3. Sick Leave Bank Upon employment, Cleric of Council will be provided with a bank of 150 hours of accrued sick leave. 2.2.4 Vacation Allowance Upon employment with City, Clerk of Council shall be awarded a bank of 200 hours of vacation leave and shall commence employment accruing vacation at the rate of a five (5) year employee. Clerk of Council shall accumulate regular and management vacation hours in the same manner as City executive managers. 2.2.5 CalPERS Membership As a classic member under CalPERS, Clerk of Council will be enrolled in the 2.7% at age 55 benefit formula and shall be responsible for paying eight percent (8%) of CalPERS reportable compensation toward the employer cost of the 2.7% at 55 enhanced retirement formula, This payment is implemented as cost sharing pursuant to Government Code section 20516(f). 2.2.6 Life Insurance City will purchase life insurance for Clerk of Council in the amount of three times the Clerk of Council's annual salary not to exceed a maximum of three hundred thousand dollars ($300,000). 2.2.7 Deferred Compensation Cleric of Council shall receive deferred compensation pursuant to the City's 457 plan in the amount of $10,000 a year. 25G-6