RES 17972 - Laserfiche WebLink

F. Vesting Schedule for Employees Hired Before January 1,2009 1. Service Retirement For all employees who retire from service,the City shall pay for each year of service with the City of Pleasanton, four percent(4%) of the monthly premium for employee and one dependent of the City's lowest cost HMO health plan. Such monies may be utilized for City plans or for medical premiums for alternate plans selected by the retiree. 2. Disability Retirement For all employees who retire with disability, the City shall pay a percentage of the monthly premium for employee and one dependent of the City's lowest cost HMO health plan coverage in accordance with the schedule set forth below: Years of Service City's Contribution 10 20% 11 25% 12 30% 13 35% 14 40% 15 45% 16 48% 17 51% 18 54% 19 57% 20 80% 21 84% 22 88% 23 92% 24 96% 25 +years of service 100% 3. City Contributions Effective July 1st of each year of this agreement, the monthly contribution paid by the City shall be increased by the same dollar increase in medical insurance as is provided to active employees as set forth in Section 14.1 of this agreement up to the lowest cost HMO two-party rate. G. Vesting Schedule for Employees Hired After January 1,2009 1. Service Retirement For all employees who are hired after January 1, 2009 and retire from service,the City shall provide the following benefit: Employees who service retire prior to the completion of twenty years of full-time service shall receive four percent(4%) for each year of service of the single plan rate for the lowest cost HMO. Employees who retire after the completion of twenty(20) years of full-time service will receive four percent(4%) for each year of service of the two-party rate for the lowest cost HMO. 16