2015-001 - Modifying, Reestablishing and Delineating the Basic Compensation and Benefit

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the 2.7% at 55 Benefits Formula will be increased by eight percent (8 %) and each Classic Safety Member eligible for the 3% at 50 Benefits Formula will be increased by nine percent (9 %). For the purpose of reporting an employee's compensation to CalPERS, the City will include these payments as if they were a part of the employee's reportable compensation. Section 7. Tuition Reimbursement. Executive Management (EM) employees are eligible to participate in the Training and Education Assistance Program provided for all regular, full -time employees of the City. Reimbursement will be based on the cost of tuition, required enrollment /registration fees, miscellaneous fees (health, parking, student union fees, etc.) and all required texts, eBooks and related material for each course. Maximum tuition reimbursement will be paid in the highest amount as available to other represented employees. Section 8. Medical Retirement Subsidy Plan A. The City's current annual contribution towards the Medical Retirement Subsidy Plan for Executive Management (EM) employees covered under this Resolution is 1.75% of the base salary, which is based on the first payroll period in October and deposited no later than October 31 sc of each year. B. The plan will be administered by the City, at no cost to Executive Management (EM) employees pursuant to the written directives of Executive Management (EM) employees. The funds contributed by the City will 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 Resolution, investments made pursuant to the then current Statement of Investment Policy for the City of Santa Ana, will be deemed to meet the requirements of this section. This program is for medical insurance premium reduction only. C. Effective November 28, 2011, the City adopted a resolution authorizing implementation of the "Vantage Care" Retirement Health Savings Plan (RHS), which designated ICMA -RC as the administrator of the plan. 1. The City agrees to amend the current contract with ICMA -RC to allow unrepresented Executive Management (EM) employees to participate in the Retiree Health Savings Plan upon approval of the majority of Executive Management (EM) employees. 2. Upon establishment of the RHS and adoption of the RHS plan by Executive Management (EM) employees, and upon instructions from Executive Management (EM) employees the City's annual contribution of 1.75% deposited in the Medical Retirement Subsidy Plan will cease. Concurrently with said cessation, the City will increase the base pay of each Executive Management (EM) employee by 1.25% with said amount being deposited into employees' individual RHS accounts each pay Resolution No. 2015 -001 Page 10 of 15