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1. Service Retirement <br /> For all employees who are hired on or after January 1, 2012 and retire from service, the City <br /> shall provide the following benefit: <br /> Commencing upon the date of hire, the employee will be credited with four percent (4%) for <br /> each year of service of the single plan rate for the lowest cost HMO. Upon reaching Medicare <br /> eligibility age, the City's contribution toward the medical premium shall cease. <br /> 2. Disability Retirement <br /> For all employees who are hired on or after January 1, 2012 and retire with disability, the City <br /> shall pay a percentage of the monthly premium of the single plan rate for the lowest cost HMO <br /> health plan coverage in accordance with the schedule set forth below until eligible for <br /> Medicare, at which time the contribution toward the medical premium shall cease: <br /> Years of Service City's Contribution <br /> 10 20% <br /> 11 25% <br /> 12 30% <br /> 13 35% <br /> 14 40% <br /> Years of Service City's Contribution <br /> 15 45% <br /> 16 48% <br /> 17 51% <br /> 18 54% <br /> 19 57% <br /> 20 80% <br /> 21 84% <br /> 22 88% <br /> 23 92% <br /> 24 96% <br /> 25 + years of service 100% <br /> 3. Retiree Health Savings Account <br /> The Association and the City will meet within ninety (90) days after adoption of this agreement <br /> to review and select a Retiree Health Savings Plan (RHSA). The two plans to be reviewed are <br /> the PORAC plan and a plan offered through ICMA. For employees hired after on or January 1, <br /> 2012 and who have successfully passed probation, the City will contribute twenty-five dollars <br /> ($25) per pay period to the RHSA. Additionally, each employee eligible for the City <br /> contribution will have twenty-five dollars ($25) per pay period deducted pre-tax as an <br /> additional employee contribution toward the RHSA. The total pay period contribution to the <br /> RHSA will be fifty dollars ($50). <br /> Employees have a vested right to the funds at the time of deposit. Funds deposited in the <br /> RHSA are portable and belong to the employee, regardless of length of service or reason for <br /> separation. <br /> 3. City Contributions <br /> Effective July 1st of each year of this agreement, the monthly contribution paid by the City <br /> shall be increased by the same increase in medical insurance for the lowest cost HMO single or <br /> 17 <br />