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The amended language, set forth in the Management/Confidential Employee <br /> Performance Compensation Plan for which Council approval is sought reads as <br /> follows: <br /> "9. Deferred Compensation <br /> The City shall provide a voluntary IRC 457 deferred compensation plan for <br /> management and confidential employees and a voluntary IRS 401A plan for <br /> management employees. <br /> The City may provide deferred compensation contributions for management and <br /> confidential employees. Any funds deposited in a deferred compensation plan <br /> under this provision belong to the employee, regardless of length of service or <br /> reason for separation. <br /> The City shall contribute one percent (1 percent) of the employee's base <br /> compensation into a 457 deferred compensation plan. Effective <br /> January 13, 2018, the City shall contribute an additional one-half percent (.5 <br /> percent) for a total of one and one-half percent (1.5 percent). City contributions <br /> are tax-deferred, and count towards the 457 annual maximum deferral as <br /> designated by the IRS. Employees without an existing 457 account with a City <br /> sponsored provider must establish one in order to receive the City contribution, <br /> but no employee contribution to the account is required." <br /> Medical Premiums: Active employees in the management and confidential group <br /> currently contribute a minimum of $25 per month towards medical premiums. <br /> Effective July 2018 all management and confidential employees will contribute <br /> an additional $25 per month for family coverage for a total minimum contribution <br /> of $50 per month. <br /> The amended language, set forth in the Management/Confidential Employee <br /> Performance Compensation Plan for which Council approval is sought reads as <br /> follows: <br /> "5.2 Medical Insurance —Active Employees <br /> All employees participating in the City's health plans will contribute one of the <br /> following two amounts, whichever is greater: <br /> 1. $25.00 per month <br /> 2. The difference between the family rate of the lowest cost HMO and the <br /> premium of the employee's more expensive plan selection. <br /> Contributions will be deducted from the employee's paycheck on a pre-tax and <br /> bi-weekly basis. <br /> Page 3 of 4 <br />