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<br />14.4 <br /> <br />14.5 <br /> <br />14.6 <br /> <br />premiums for employees covered <br />existing long term disability <br />Association for its members. <br /> <br />by this Agreement under <br />plans provided by the <br /> <br />Any contribution necessary to maintain benefits under such <br />long term disability insurance plan provided by the <br />Association for its members in excess of the amount set <br />forth above shall be borne entirely by the employee. <br /> <br />Life Insurance. The City shall maintain in effect for the <br />term of this Agreement a life insurance plan covering <br />employees covered by this Agreement with a term life <br />insurance coverage in the amount of $20,000 plus $20,000 <br />Accidental Death and Dismemberment (AD&D) coverage at no <br />cost to the employee. <br /> <br />The City shall retain the right to change health, dental <br />and life insurance carriers, administer the insurance <br />benefits provided thereunder, and select and/or change any <br />excess or supplemental insurance carriers as a part of any <br />self -insurance plan during the term of this Agreement, <br />provided that employees covered by this Agreement continue <br />to receive the same or equivalent benefits. <br /> <br />Retiree Health Insurance. Effective October 1, 2004 the <br />City shall contribute an amount equal to one percent (1%) <br />of the bargaining unit's current salary base, including <br />assignment pays, to a fund, for the purpose of providing <br />retiree health insurance premium reduction assistance. <br />Effective October 1, 2005 and October 1, 2006, <br />respectively, the City shall contribute one and three <br />quarter percent (1.75 %) of the bargaining unit's salary <br />base, including assignment pays to the fund. This program <br />is for premium reduction only and is provided for <br />bargaining unit employees retiring after July 1, 1989. <br />Effective July 1, 2007, the City and Association agree to <br />reopen this provision of the Agreement to discuss the <br />status of the fund. <br /> <br />The Association agrees to a loan of $700,000 from Fund 84 <br />(Fire Retirement Health Benefits Fund) to Fund 11 (General <br />Fund), effective November 1, 1996. The loan is to be for <br />an indefinite term at an annual interest rate of 5.65%, <br />and will be repaid when necessary, based on the fiscal <br />condition of the Fire Retirement Benefit Health Fund. The <br />City shall provide the Association an annual report on the <br />status of Fund 84 and the status of the loan from Fund 84. <br /> <br />The City and Association agree to form a joint labor- <br />management committee for the purpose of formulating a plan <br /> <br />67 <br />