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C. Vision insurance. Eligible Executive Management (EM) employees will have the <br />ability to select vision insurance coverage through the City's insurance provider. <br />D. Cash -in -Lieu of Benefits. Executive Management (EM) employees will be eligible <br />to receive cash (subject to taxation as wages) through the cafeteria plan if they either <br />opt -out of receiving one of the optional benefits provided through the plan or if they <br />choose optional benefits that do not cost as much as the maximum dollar amount they <br />receive through the plan. <br />E. Employee Contributions for Benefits. If an Executive Management (EM) <br />employee chooses optional benefits whose aggregate premium cost exceeds the <br />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 (66 213) of base monthly salary <br />(insured payroll), less offsets contained in the existing plan, to a maximum monthly <br />benefit of $5,000. <br />G. Life Insurance and Accidental Death & Personal Loss ADD&PL). The City will pay <br />one hundred percent (100%) of the premium cost for term life and AD&PL insurance <br />coverage under the policy it maintains on behalf of its employees in order to provide <br />Executive Management (EM) employees with life and AD&PL insurance coverage in an <br />amount equal to three times the employee's annual rate of salary to a maximum of <br />$.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 />January 1st; third Monday in January; third Monday in February; last Monday in May; <br />July 4t"; first Monday in September; November 11t"; 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 />Resolution No. 2015-001 <br />Page 6 of 15 <br />