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For employees who elect to upgrade their LTD benefit coverage to a 60 day elimination period plan, the City will contribute up to eleven dollars ($11.00) per month. Any amount necessary to maintain benefits under the long term disability insurance plans provided by the City in excess of the amounts set forth above shall be borne by the employee. 11.4 Life Insurance. The City shall maintain in effect for the term of this Agreement its existing life plans covering employees covered by this Agreement on the same basis as its plans are offered to the employees as of June 30, 1998, including term life insurance coverage for each affected employee in the amount of twenty thousand dollars ($20,000) plus twenty thousand dollars ($20,000) Accidental Death and Dismemberment (AD&D) coverage at no cost to the employee. 11.5 When there is a need to discuss matters relating to employee insurance and the City believes it would be beneficial to involve an Insurance Committee, the Union shall have an equal number of representatives as the City on such a committee to meet as necessary. 11.6 Medical Retirement Subsidy Plan. A. Based on the first payroll period in October, 2001 and no later than October 31st each year thereafter for the term of this Agreement, the City shall contribute to a fund an amount of money equal to one-half of one percent (.5%) of the bargaining unit's salary base for the purpose of providing a retiree health insurance subsidy plan. Eligibility for and the specific payments made to members of the bargaining unit pursuant to this plan shall be designated at the sole discretion of SEIU. The plan shall be administered by the City, at no cost to the Union or its members pursuant to the written directives of SEIU. The funds contributed by the City will be maintained in such a manner as to insure that the funds are invested in a reasonably secure plan that bears a reasonable rate of interest/growth given current financial markets. For purposes of this Agreement, investments made pursuant to the then current Statement of Investment Policy for the City of Santa Ana, shall be deemed to meet the requirements of this section. This program is for medical insurance premium reduction only and will be implemented by February 1, 2002 for an employee retiring after July 1, 2001. If an employee retires between July 1, 2001 and February 1, 2002, he or she will be eligible to participate in said plan; however, in no event, will he or she be eligible to utilize this program until February 1, 2002. Additionally, in no event shall said employee(s) be eligible for retroactive medical premium reduction assistance prior to February 1, 2002. B. Effective July 1, 2004, July 1, 2005, and July 1, 2006, respectively, the City's contribution toward the Medical Retirement Subsidy Plan shall increase by 0.1 % each year under the conditions specified in Section 11.6 A above. C. Effective October 1, 2007, the City's contribution toward the Medical Retirement Subsidy Plan shall increase by 0.2% under the conditions specified in Section 51 25F-53