RES 84380 - Laserfiche WebLink

15.3 Life, Accidental Death & Dismemberment and Long-Term D~sability Effective Ju/y 1, 1984, the City shall contribute an amount necessary to provide life, accidental death and dis- memberment, and long-term disability insurance under the City's present Standard Insurance Company Group Policy for the individual employee; provided, however, that in no event shall the City be obligated to contribute, an amount in excess of one dollar and fifty cents ($1.50) per one hundred dollars ($100) of monthly salary of the first $2250 of monthly salary not to exceed a total contribution of thirty-three dollars and seventy-five cents ($33.75) per month per employee. 15.4 Additional City Contributions to Health and Welfare Insurance Premiums Effective July 1, 1985, the City will increase its com- bined maximum contribution toward the monthly premiums of health, dental, life and long-term disability insurance by an amount not to exceed thirty dollars ($30.00) per month. The specific division of said thirty dollars ($30.00) between the various insurances shall be by mutual agreement of the Union and the City. Section 16. Retirement 16.1 Payment of Employee's Contribution Effective July 1, 1982, the City shall pay the employee's contribution to the Public Employees' Retirement System (PERS) 0 The amount of said City payment shall equal but not exceed nine percent (9.0%) of the employee's compen- sation subject to retirement contributions. 16.2 Adoption of One Year Highest Compensation Option The City shall amend its contract with PERS for the purpose of adopting the "One Year Highest Compensation" option effective June 30, 1986. Both the City and the employees shall share in the cost of this option. As its share of said cost, the City shall increase its employee conLribution rate by one ercent (1%). The cost of conducting the acturia~ valuation(s) required to ]mplement this option, shall be paid by the City. -16-