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ii. In the event the City receives a ruling from the Internal Revenue Service that such payments are ordinary income of the affected employees instead of deferred compensation, the City's obligation to make such payments shall discontinue and, in place thereof, the base salary of each affected employee shall forthwith be increased by ten (10) salary rate ranges, five percent (5.0%). iii. For the purpose of reporting an affected employee's compensation to PERS, however, the City shall include these payments as if they were a part of the employee's base salary. (3) Deferred Compensation. Each affected employee shall continue to receive as deferred compensation an amount equal to one percent (1.0%) of his or her monthly salary. The amounts contributed by the City under this provision shall be subject to the general terms and conditions of the City of Santa And Deferred Compensation Plan, and subject further to the conditions that the employee shall have no vested rights in the amounts contributed by the City until termination of employment with the City and that the City will pay the total amount of contributions plus any earnings to the employee upon termination, resignation, retirement, dismissal or death. (4) Health Insurance. The City will continue to contribute the following amounts toward the payment of premiums for affected employees and their dependents under the existing health insurance program (or a new program providing substantially similar coverage and benefits): i. with respect to employees who do not have dependents included under the program, 100% of the premium; ii. with respect to employees who have dependents included under the program, an amount equal to 90% of the total premiums applicable to the "family plan" covering said employees and their dependents. (5) Dental Insurance. The City shall continue to pay 100% of the premium cost for affected employees who do not have dependents included under the dental insurance program available to represented employees of the City and $15.32 per month for affected employees who have eligible dependents included under such program. (6) Disability Insurance. The City shall continue to pay 100% of the premium cost for a long-term disability insurance plan for all Executive and Middle-Management officers and employees. (7) Life Insurance. The City shall continue to pay 100% of the premium cost for term life insurance coverage under the policy it maintains on behalf of its officers and employees in order to provide each person designated as Executive Management (EM) with life insurance coverage in an amount equal to twice such employee's annual rate of salary, and each person designated as Middle-Management (MM) with life insurance coverage in an amount equal to such employee's annual rate of salary, provided said affected employees can provide evidence of insurability if so required by the terms and conditions of said term life insurance policy. In the event any such affected employee is determined to be ineligible for said insurance coverage, the City will attempt to provide as much additional coverage as may be obtained at a reasonable cost without having to provide evidence of insurability. (8) Paid Holiday Time Off. Affected employees are not required to appear for work, except in emergencies, and will receive payment at his or her current base salary rate for the following eleven (11) holidays during each year: January 1st, third Monday in February, last Monday in May, July 4th, first Monday in September, November llth, Thanksgiving Day and the day immediately following (Friday), Christmas Day, the last working day before Christmas Day (unless such day falls on Wednesday, in which instance the day following Christmas Day will be observed), and one (1) floating holiday. Any holiday which falls on Sunday will be observed on the following Monday and any holiday which falls on a Saturday will be observed on the Friday preceding the holiday.