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