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term disability insurance plan for employee covered by this Agreement. <br />11.4 Life Insurance. The City shall continue to pay one hundred percent (100 %) of <br />the premium cost for term life insurance coverage under the policy it maintains <br />on behalf of employees in order to provide employees covered by this Agreement <br />with life insurance coverage in an amount equal to twice such employee's annual <br />rate of salary to a maximum of three hundred thousand ($300,000) provided said <br />affected employees can provide evidence of insurability of coverage if so <br />required by the terms and conditions of said term life insurance policy. <br />In the event any such employee is determined to be ineligible for said insurance <br />coverage, the City will attempt to provide as much coverage as may be obtained <br />at reasonable cost without having to provide evidence of insurability. <br />11.5 The City shall retain the right to change health, dental and life insurance carriers, <br />administer the insurance benefits provided thereunder, and select and /or change <br />any excess or supplemental insurance carriers as a part of any self- insurance <br />plan during the term of this Agreement, provided that employees covered by this <br />Agreement continue to receive equivalent benefits and provided that the parties <br />have met and conferred before the benefits changes are made. <br />11.6 Affected employees shall have the option of waiving coverage under any City <br />sponsored group insurance plan, such as medical, and dental, and receiving a <br />cash payment each month in an amount equal to the City contribution for the <br />"employee- only" coverage for medical and the City contribution for family dental. <br />The above specified amounts of City contributions towards each such coverage <br />waived will be applied to earned income. <br />11.7 Medical Retirement Subsidy Plan. <br />A. The City shall make an annual deposit of 1.75% of payroll into the Medical <br />Retirement Subsidy Plan. Said payment shall be made by January 1, <br />2015. <br />B. The plan shall be administered by the City, at no cost to SAMA or its <br />members pursuant to the written directives of SAMA. The funds <br />contributed by the City will be maintained in such a manner as to insure <br />that the funds are invested in a reasonably secure plan that bears a <br />reasonable rate of interest/growth given current financial markets. For <br />purposes of this Agreement, investments made pursuant to the then <br />current Statement of Investment Policy for the City of Santa Ana, shall be <br />deemed to meet the requirements of this section. This program is for <br />medical insurance premium reduction only. <br />BE <br />