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1) The City will provide the terminating employee, a payout of $10,000. For each <br />additional full year of service above 10 years, an employee will receive an additional <br />$500 for each year of service, to a total maximum of $22,500 (35 years of service) <br />and, <br />2) The cash equivalent of nine (9) months of the city's contribution towards the <br />employee's selected health premium in effect at the time the incentive program is <br />adopted, or the cash equivalent of 9 months of the $290 waiving benefits. <br />Subject to employees submitting a letter of interest to Human Resources by May 31, <br />2012; as well as employees agreeing to leave employment with the city no sooner <br />than June 30, 2012 and no later than December 1, 2012 <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Backous, and upon vote being taken thereon, the following voted in favor thereof: <br />Mayor Ramsey <br />Councilmember Tossey <br />Councilmember Strommen <br />Councilmember Backous <br />Councilmember Elvig <br />Councilmember McGlone <br />Councilmember Wise <br />and the following voted against the same: <br />None <br />and the following abstained: <br />None <br />and the following were absent: <br />None <br />Whereupon said resolution was declared duly passed and adopjd by the Ramsey City Council <br />this the 13 day of March 2012. <br />Mayor <br />Resolution #12 -03 -040 <br />Page 2 of 2 <br />