15 - Laserfiche WebLink

14.4 Vision During the term of this Memorandum of Understanding, the City shall contribute the premium necessary for the VSP Vision Plan family coverage for health insurance participants who are not covered by Kaiser. 14.5 Long Term Disability The City's maximum monthly long-term disability insurance premium contribution shall be twenty three dollars ($23.00). The City shall not be obligated to contribute an amount in excess of twenty-three dollars ($23.00)throughout the term of this agreement. 14.6 Life,Accidental Death and Dismemberment Insurance The City shall contribute an amount necessary to provide $50,000 life and $50,000 accidental death and dismemberment insurance coverage for Association members. The monthly premium for such insurance coverage shall be paid by the City during the term of this agreement. Section 15. Retirement 15.1 Payment of Employee Contribution to PERS Employees classified as "Classic Employees" (i.e., those eligible for the 3% @ 50 or 3% @ 55 retirement benefit) shall contribute ten and one-half percent(10.5%)to the Public Employees' Retirement System(PERS). Such contributions shall be made pre-tax in accordance with applicable law. Effective June 2, 2018, employees classified as"Classic Employees"will pay an additional one and one-half percent(1.5%)toward the employer's pension contribution rate for a total PERS contribution of 12%. The parties mutually recognize and acknowledge that the cost-sharing provisions provided herein will be counted towards cost-sharing terms set forth in Government Code section 20516.5. For employees defined as "new members"by Ca1PERS pursuant to the Public Employees' Pension Reform Act("PEPRA"), will pay a member contribution equal to fifty percent of the normal cost of their retirement benefit as determined by Ca1PERS. 15.2 PERS Plan Options The City's contract with PERS provides for the following options: Credit for Unused Sick Leave; 3% @50 Retirement Formula; Single Highest Year Option; and the PERS Military Buyback Provision. Effective July 7, 2012,the City modified the formula to provide for the 3%@55 retirement formula with three highest year option for new employees hired on or after the resolution is adopted by the City Council. For employees hired on/after January 1, 2013 that are defined as "new members"by Ca1PERS, the City shall provide the 2.7%@ 57 retirement formula established by PEPRA. 19