Item 23 - MOU: City and PMA - Laserfiche WebLink

Home Browse Search

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