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<br />Agreement continue to receive equivalent benefits and provided that the parties <br /> <br /> <br />have met and conferred before the benefits changes are made. <br /> <br /> <br />11.6 Affected employees shall have the option of waiving coverage under any City <br /> <br /> <br />sponsored group insurance plan, such as medical, dental, long-term disability and <br /> <br /> <br />life coverages, and applying the above specified amounts of City contributions <br /> <br />towards each such coverage waived to deferred compensation and/or earned <br /> <br />income. <br /> <br />11.7 Medical Retirement Subsidv Plan. <br />A. Effective Fiscal Year 2004-05, the City's annual contribution to the Medical <br />Retirement Subsidy Plan for full time SAMA employees shall be increased <br />by an additional one-half percent (0.5%) of the SAMA employees' salary <br />base, under the same Medical Retirement Subsidy Plan it maintains for <br />Executive Officers and Management employees of the City. With this <br />additional contribution amount, the City's maximum contribution toward the <br />Medical Retirement Subsidy Plan for SAMA employees shall equal one <br />percent (1.0)%) of their salary base. <br />B. The plan shall be administered by the City, at no cost to SAMA or its <br />members pursuant to the written directives of SAMA. The funds contributed <br />by the City will be maintained in such a manner as to insure that the funds <br />are invested in a reasonably secure plan that bears a reasonable rate of <br />interest/growth given current financial markets. For purposes of this <br />Agreement, investments made pursuant to the then current Statement of <br />Investment Policy for the City of Santa Ana, shall be deemed to meet the <br />-56- <br />