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maximum City Contributions to the Cafeteria Plan, the City will automatically deduct the <br />excess premium amount on a pre -tax basis from the employee's regular paycheck. <br />F. Disability Insurance. The City will pay one hundred percent (100 %) of the <br />premium cost for a long -term disability insurance plan under the policy it maintains on <br />behalf of its employees in order to provide Executive Management (EM) employees a <br />monthly benefit of sixty -six and two- thirds percent (fah 213) of base monthly salary <br />(insured payroll), less offsets contained in the existing plan, to a maximum monthly <br />benefit of $5,000. <br />G. Life Insurance and Accidental Death & Personal Loss (AD &PL). The City will pay <br />one hundred percent (100 %) of the premium cost for term life and AD &PL insurance <br />coverage under the policy it maintains on behalf of its employees in order to provide <br />Executive Management (EM) employees with life and AD &PL insurance coverage in an <br />amount equal to three times the employee's annual rate of salary to a maximum of <br />$300,000 provided Executive Management (EM) employees can provide evidence of <br />insurability for coverage above $150,000 if so required by the terms and conditions of <br />said term life and AD &PL insurance policy. <br />In the event an Executive Management (EM) employee is determined to be ineligible for <br />said insurance coverage, the City will attempt to provide as much coverage as may be <br />obtained at a reasonable cost without having to provide evidence of insurability <br />Section 5. Leave Accruals and Cash -Out Provisions. <br />A, Paid Holiday Time Off. Executive Management (EM) employees are not required <br />to appear for work, except in emergencies, and will receive payment at his or her <br />current base salary rate for the following twelve (12) holidays during each year: <br />Janua,�. 19t; third Monday in January; third Monday in February; last Monday in May; <br />July 4t ; first Monday in September; November 11th; Thanksgiving Day and the day <br />immediately following (Friday); Christmas Day; the last working day before Christmas <br />Day (unless Christmas Day falls on Thursday, in which instance the day following <br />Christmas Day will be observed) and one (1) floating holiday. Any holiday which falls on <br />Sunday will be observed on the following Monday and any holiday which falls on a <br />Saturday will be observed on the Friday preceding the holiday. <br />B. Vacation Time Off. Executive Management (EM) employees will be granted <br />regular and longevity paid vacation leave on the same basis as provided to represented <br />employees of the City, with the exception that such affected employees will be granted: <br />1. Regular vacation with pay at the annual rate of fifteen (15) working days <br />for each of his or her first and second completed year of service. <br />2. An additional five (5) working days per year over the regular and longevity <br />vacation accruals applicable to represented employees of the City. Affected Executive <br />Management (EM) employees must take at least five (5) consecutive days of vacation <br />leave each year. <br />y • <br />