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in Exhibit B to the MOU) modified to include the word "Lead" in front of their title. Article M, Section 11.6 is amended as follows: 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 SEW, 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 11.6 A above. With this contribution amount, the City's contribution toward the SEW Medical Retirement Subsidy Plan shall equal 1.0% of the bargaining unit's salary base (including assignment pays). D. Effective October 1, 2008, the City's contribution toward the Medical Retirement Subsidy Plan shall increase by 0.4% under the conditions specified in Section 11.6 A above. With this contribution amount, the 3 25B-24