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