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

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C. Vision insurance. Eligible Executive Management (EM) employees will have the ability to select vision insurance coverage through the City's insurance provider. D. Cash -in -Lieu of Benefits. Executive Management (EM) employees will be eligible to receive cash (subject to taxation as wages) through the cafeteria plan if they either opt -out of receiving one of the optional benefits provided through the plan or if they choose optional benefits that do not cost as much as the maximum dollar amount they receive through the plan. E. Employee Contributions for Benefits. If an Executive Management (EM) employee chooses optional benefits whose aggregate premium cost exceeds the maximum City Contributions to the Cafeteria Plan, the City will automatically deduct the excess premium amount on a pre -tax basis from the employee's regular paycheck. F. Disability Insurance. The City will pay one hundred percent (100 %) of the premium cost for a long -term disability insurance plan under the policy it maintains on behalf of its employees in order to provide Executive Management (EM) employees a monthly benefit of sixty -six and two - thirds percent (66 2/3) of base monthly salary (insured payroll), less offsets contained in the existing plan, to a maximum monthly benefit of $5,000. G. Life Insurance and Accidental Death & Personal Loss (AD &PL). The City will pay one hundred percent (100 %) of the premium cost for term life and AD &PL insurance coverage under the policy it maintains on behalf of its employees in order to provide Executive Management (EM) employees with life and AD &PL insurance coverage in an amount equal to three times the employee's annual rate of salary to a maximum of $300,000 provided Executive Management (EM) employees can provide evidence of insurability for coverage above $150,000 if so required by the terms and conditions of said term life and AD &PL insurance policy. In the event an Executive Management (EM) employee is determined to be ineligible for said insurance coverage, the City will attempt to provide as much coverage as may be obtained at a reasonable cost without having to provide evidence of insurability Section 5. Leave Accruals and Cash -Out Provisions. A. Paid Holiday Time Off. Executive Management (EM) employees are not required to appear for work, except in emergencies, and will receive payment at his or her current base salary rate for the following twelve (12) holidays during each year: January 1St; third Monday in January; third Monday in February; last Monday in May; July 4th; first Monday in September; November 11th; Thanksgiving Day and the day immediately following (Friday); Christmas Day; the last working day before Christmas Day (unless Christmas Day falls on Thursday, in which instance the day following Christmas Day will be observed) and one (1) floating holiday. Any holiday which falls on Sunday will be observed on the following Monday and any holiday which falls on a Saturday will be observed on the Friday preceding the holiday. Resolution No. 2015 -001 Page 6 of 15