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employees as set Forth in Section 14.1 of this agreement up to the lowest cost HMO two-party <br />rate. <br />G. Vesting Schedule for Employees Hired After January 1, 2009 <br />1. Service Retirement <br />For all employees who are hired after January 1, 2009 and retire from service, the City shall <br />provide the following benefit: <br />Employees who service retire prior to the completion of twenty years of full-time service shall <br />receive four percent (4%) for each year of service of the single plan rate for the lowest cost <br />HMO. <br />Employees who retire after the completion of twenty (20) years of full-time service will receive <br />four percent (4%) for each year of service of the two-party rate for the lowest cost HMO. <br />Examples: completion of 19 years = 76% of the single plan rate for the lowest cost HMO and <br />completion of 20 years = 80% of the two-party lowest cost HMO. Such monies may be utilized <br />for City plans or for medical premiums for alternate plans selected by the retiree. <br />2. Disability Retirement <br />For all employees who are hired after January 1, 2009 and retire with disability, the City shall <br />pay a percentage of the monthly premium of the City's lowest cost HMO health plan coverage <br />in accordance with the schedule set forth below: <br />Years of Service City's Contribution <br />10 20% <br />11 25% <br />12 30% <br />13 35% <br />14 40% <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 />Employees who leave City service prior to the completion of twenty years of full-time service <br />shall receive the above listed percentage of the single plan rate for the lowest cost HMO. <br />Employees who retire after the completion of twenty (20) years of full-time service will receive <br />the above listed percentage of the two-party rate for the lowest cost HMO. <br />18 <br />