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37 <br />premium cost for term life insurance coverage under the policy it maintains on behalf of <br />its officers and employees in order to provide employees with life insurance coverage in <br />an amount equal to twice such employee’s annual rate of salary to a maximum of three <br />hundred thousand dollars ($300,000), provided said affected employees can provide <br />evidence of insurability of coverage above one hundred fifty thousand dollars ($150,000) <br />if so required by the terms and conditions of said term life insurance policy. <br />In the event any such employee is determined to be ineligible for said insurance <br />coverage, the City will attempt to provide as much coverage as may be obtained at <br />reasonable cost without having to provide evidence of insurability. <br />12.5 The City shall retain the right to change health, dental, and life insurance carriers, <br />administer the insurance benefits provided thereunder, and select and/or change any <br />excess or supplemental insurance carriers as a part of any self-insurance plan during the <br />term of this MOU, provided that employees continue to receive equivalent benefits and <br />provided that the parties have met and conferred before the changes have been made. <br />12.6 Cafeteria Benefit Plan. The City provides a Cafeteria Benefit Plan adopted in accordance <br />with the provisions of Internal Revenue Code § 125 for employees. Affected employees <br />will be eligible to receive cash (subject to taxation as wages) through the cafeteria Benefit <br />plan if they either opt-out of receiving one of the optional benefits provided through the <br />plan or if they choose optional benefits that do not cost as much as the maximum dollar <br />amount they have received through the plan. <br />If two (2) City employees are married, at least one (1) of the two (2) employees must <br />maintain insurance coverage. The amount of money that can be redesignated by the <br />employee waiving coverage is limited to the value of the “employee-only” level within <br />each type of insurance. <br />In the event the City experiences an adverse impact in rates due to utilization of the <br />redesignation option, the City and Association agree to meet and confer over the impact. <br />12.7 Medical Retirement Subsidy Plan. The City provides a Retirement Health Savings Plan <br />(“RHS”). <br />A. The City shall contribute four percent (4%) of base salary, plus pay additives each <br />pay period into the individual accounts of Association members established with <br />the City’s plan administrator. <br />1. Employees shall continue to contribute one half of one percent (.50%) of <br />base salary, plus pay additives, each pay period into their individual RHS <br />accounts established with the plan administrator.