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2-2�Intentionally Left Blank. n�''�--�a�,a;. <br />2.2.3 Sick Leave Bank <br />City Manager shall accrue Sick Leave at a monthly rate equal to 96 hours per year. <br />2.2.4 Sick Leave rash ^ it A„' ----Accrual <br />City Manager will be entitled to cash on accrue 8 hours of sick leave per month. <br />2.2.5 Vacation Allowance <br />Upon employment with City, City Manager shall be awarded a bank of 80 hours of <br />vacation leave and shall accrue monthly rate equal to 160 hour per year. City manager shall <br />accumulate 100 hours per year of management vacation. <br />2.2.6 CalPERS Membership <br />As a classic member under CalPERS, City Manager will be enrolled in the 2.7% at <br />age 55 benefit formula and shall be responsible for paying the corresponding employee <br />contribution per Cal PERS requirements as they exist today or as may be amended by the <br />legislature. As of the effective date of this Agreement the applicable contribution rate for <br />miscellaneous classic members is 8%. <br />2.2.7 Lite Insurance <br />City will purchase life insurance for City Manager in the amount of five hundred <br />thousand dollars ($500,000). <br />3. Performance Evaluation. <br />The Mayor and the City Council are responsible for setting performance goals on <br />an annual basis in consultation with the City Manager. The City Council shall review and discuss <br />City Manager's performance in or around July of each year commencing in 2018. However, <br />Employee acknowledges and accepts the fact that the City Council as Employer has the right to <br />schedule and an evaluation session at any time in accordance with the notice and all other <br />requirements of the Brown Act. <br />4. Bonds. <br />City shall bear the full cost of any fidelity or other bonds required of City Manager <br />25H-22 <br />