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terminated at any time. Employees interested in this option should see Human Resources for more <br />information. <br />4.4 Employee Savings Plans <br />All employees eligible to enroll in PERA are also eligible to place a portion of their earnings in <br />457 savings plans; pre-tax and/or post tax programs. Please contact Human Resources regarding <br />maximum annual contribution amounts and for any other specific information regarding these <br />plans. <br />4.5 Health Savings Account Flexible pending <br />Employees must be covered by one of the city's qualified high -deductible health plans (HDHP) in <br />order to contribute to a health savings account. An HSA may be funded by both employees and <br />city contributions. A health savings account (HSA) is a tax-exempt savings vehicle used to <br />accumulate money for eligible health care expenses. HSAs may be used to pay for health care <br />expenses as they occur, contingent upon available funds, or the funds may remain in the account <br />until needed later in life. Employees can establish flexible spending a <br />deductions made from the).r payroll checks to pay for eligible childcare and eligible medical <br />oxpenoer. The -law limits -the maximum contributions that employees can make to their flexible <br />spending th spe expenses that cyan be paid out of such accounts. Employees <br />should contact Human Resources for additional details. <br />4.6 Retiree Benefits <br />Minnesota law provides for continuation of health and dental coverage to certain former employees <br />who are receiving a disability benefit or an annuity from PERA, or who have met PERA age and <br />service requirements. Unless otherwise required by federal or state law, former employees are <br />responsible for paying the entire premium. Failure to do so will result in termination of coverage. <br />Employees should contact Human Resources for additional details. <br />4.7 COBRA <br />Employees participating in the City's group health insurance plan who terminate employment with <br />the City or experience another event which triggers their legal entitlement to insurance <br />continuation will receive a notice of their right to elect continued insurance coverage consistent <br />with state and federal law, including, but not limited to, the Consolidated Omnibus Budget <br />Reconciliation Act of 1985 ("COBRA") (as amended). The notice will be provided in accordance <br />with such laws and employees must comply with those laws if they wish to continue coverage after <br />separating from the City's employment, including, but not limited to, paying the entire premium <br />for the duration of the continuation coverage. Employees should contact Human Resources for <br />additional details. <br />241Page <br />