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term disability insurance plan for employee covered by this Agreement. 11.4 Life Insurance, The City shall continue to pay one hundred percent (100 %) of the premium cost for term life insurance coverage under the policy it maintains on behalf of employees in order to provide employees covered by this Agreement with life insurance coverage in an amount equal to twice such employee's annual rate of salary to a maximum of three hundred thousand ($300,000) provided said affected employees can provide evidence of insurability of coverage if so required by the terms and conditions of said term life insurance policy. In the event any such employee is determined to be ineligible for said insurance coverage, the City will attempt to provide as much coverage as may be obtained at reasonable cost without having to provide evidence of insurability. 11.5 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. 11.6 Affected employees shall have the option of waiving coverage under any City sponsored group insurance plan, such as medical, and dental, and receiving a cash payment each month in an amount equal to the City contribution for the "employee- only" coverage for medical and the City contribution for family dental. The above specified amounts of City contributions towards each such coverage waived will be applied to earned income. 11.7 Medical Retirement Subsidy Plan. A. The City shall make an annual deposit of 1.75% of payroll into the Medical Retirement Subsidy Plan. Said payment shall be made by January 1, 2015. B. The plan shall be administered by the City, at no cost to SAMA or its members pursuant to the written directives of SAMA. 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. 25-40