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12.3 Vision Plan. The City shall maintain in effect its existing vision plan, for employees covered by this agreement. All costs of the premium shall be paid by the employee. 12.4 Long -Term Disability (L.T.D.) Insurance. The City shall continue to pay one hundred percent (100 %) of the premium cost for a 60 -day elimination period long -term disability insurance plan for employees covered by this Agreement. 12.5 Life Insurance. The City shall maintain in effect its existing life insurance plans covering employees covered by this Agreement, 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. 12.6 The City shall retain the right to change health, dental and life insurance carriers, administer the insurance benefits provided thereunder, and select and /or change any excess or supplemental insurance carriers as a part of any self- insurance plan during the term of this Agreement, provided that employees covered by this Agreement continue to receive equivalent benefits and provided that the parties have met and conferred before the benefits changes are made. 12.7 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, CASA shall have an equal number of representatives as the City on such a committee, and the Committee shall meet as necessary. 12.8 Medical Retirement Subsidy Plan. A. The City's current annual contribution towards the Medical Retirement Subsidy Plan for employees covered under this Agreement is 1.75% of the bargaining unit's base salary, which is based on the first payroll period in October and deposited no later than October 31 5{ of each year. B. The plan shall be administered by the City, at no cost to CASA or its members pursuant to the written directives of CASA. The funds contributed by the City shall be maintained in such a manner as to ensure 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. CONFIDENTIAL ASSOCIATION OF SANTA ANA (CASA)2*X01 #15 Page 47