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Management personnel a monthly benefit of sixty-six and two~thirds percent (66 2/3%) of <br />base monthly salary (insured payroll), less offsets contained in the existing plan, to a <br />maximum monthly benefits of $5,000. <br /> <br />11.4 <br /> <br />Life Insurance. The City shall continue to pay one hundred percent (100%) of the premium <br />cost for term life insurance coverage under the policy it maintains on behalf of its officers <br />and employees in order to provide employees covered by this Agreement with life insurance <br />coverage in an amount equal to twice such employee's annual rate of salary to a maximum <br />of three hundred dollars ($300,000), provided said affected employees can provide evidence <br />of insurability of coverage above one hundred fifty thousand dollars ($150,000) if so required <br />by the terms and conditions of said term life insurance policy. <br /> <br />In the event any such employee is determined to be ineligible for said insurance coverage, <br />the City will attempt to provide as much coverage as may be obtained at reasonable cost <br />without having to provide evidence of insurability. <br /> <br />11.5 <br /> <br />The City shall retain the right to change health, dental and life insurance carriers, administer <br />the insurance benefits provided thereunder, and select and/or change any excess or <br />supplemental insurance carriers as a part of any self-insurance plan during the term of this <br />Agreement, provided that employees covered by this Agreement continue to receive <br />equivalent benefits and provided that the parties have met and conferred before the changes <br />have been made. <br /> <br />11.6 <br /> <br />Option to Redesignate Certain Contributions. Affected employees shall have the option of <br />waiving coverage under any City-sponsored group insurance plan, such as medical, dental, <br />long-term disability and life coverages, and applying the above specified amount of City <br />contribution toward each such coverage waived to deferred compensation and/or earned <br />income. <br /> <br />11.7 <br /> <br />Medical Retirement Subsidy Plan. Effective July 1, 1998, July 1, 1999, July 1, 2000, and <br />July 1,2001, respectively, the City contributed an amount equal to one-half of one percent <br />(.5%) of the bargaining unit's salary base for the purpose of providing a retiree health <br />insurance subsidy plan. The specific payments made to members of the Association pursuant <br />to this plan shall be designated at the sole discretion of the Association. The plan shall be <br />administered by the City, at no cost to the Association or its members, in such a manner as <br />to insure that the funds are invested in a reasonably secure plan that bears a reasonable rate <br />of interest/growth given current financial markets. For purposes of this Agreement, <br />investments made pursuant to the then current Statement of Investment Policy for the City <br />of Santa Ana, shall be deemed to meet the requirements of this section. Effective June 30, <br />2002, this .5% contribution is eliminated. <br /> <br />Effective July 1,2002, employees covered by this Agreement shall begin contributing one- <br />half percent (.5%) of their base salary plus pay additives through payroll deduction to the <br /> <br />29 <br /> <br /> <br />