RES 231418 - Laserfiche WebLink

H. Vesting Schedule for Emplovees Hired On or After.January 1, 2012 1. Service Retirement For all employees who are hired on or after January 1, 2012 and retire from service, the City shall provide the following benefit: Commencing upon the date of hire, the employee will be credited with four percent (4%) for each year of service of the single plan rate for the lowest cost HMO. Upon reaching Medicare eligibility age, the City's contribution toward the medical premium shall cease. 2. Disability Retirement For all employees who are hired on or after January 1, 2012 and retire with disability,the City shall pay a percentage of the monthly premium of the single plan rate for the lowest cost HMO health plan coverage in accordance with the schedule set forth below until eligible for Medicare, at which time the contribution toward the medical premium shall cease: 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. Retiree Health Savings Account For employees hired on or after January 1,2012,and who have successfully passed probation, the City will contribute seventy-five dollars ($75) per pay period to their Retiree Heath Savings Account(RHSA). Additionally,each employee eligible for the City contribution will have twenty-five dollars ($25) per pay period deducted pre-tax as an additional employee contribution toward the RHSA. The total pay period contribution to the RHSA will be one hundred dollars ($100). Employees have a vested right to the funds at the time of deposit. Funds deposited in the RHSA are portable and belong to the employee, regardless of length of service or reason for separation. 20