75A-1 - PH - 2015-2016 BUDGET - Laserfiche WebLink

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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 period. This 1.25% increase in base is in -lieu of the Annual City Contribution of 1.75% paid to the Medical Retirement Subsidy fund in October each year. 3. If said RHS Plan is established after the annual payment of 1.75% into the existing Medical Retirement Subsidy plan has been made, the salary adjustment and deposit into the RHS of the 1.25% described in paragraph 8.C.2. above will be effective July 1, 2015. 4. Upon approval to participate in the RHS, Executive Management (EM) employees will determine how the existing Medical Retirement Subsidy Plan funds will be distributed among its membership and, if applicable, its retired members. Executive Management (EM) employees will dissolve the existing Medical Retirement Subsidy plan by June 30, 2016, unless said deadline has been extended by mutual agreement of Executive Management (EM) employees and the City. Section 9. Auto Allowance. With the exception of the Police Chief who receives a City vehicle, the City will contribute five hundred dollars ($500) per month to each Executive Management (EM) employee to offset reasonable and necessary expenses for the operation, maintenance and insuring of an automobile. In lieu of receiving five hundred dollars ($500) per month, the employee may request and be provided with an optional vehicle. This provision is in accordance with and as specified in Section 2 -300, Division 1, Article IV, Santa Ana Municipal Code. Section 10. Deferred Compensation. The City has established and maintains a deferred compensation plan pursuant to the provisions of Section 457(b) of the Internal Revenue Code. Executive Management (EM) employees covered under this resolution, 75A -1 -21