Agenda - Council Work Session - 11/26/2024

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Employees participating in the City's group health insurance plan who terminate employment or experience another qualifying event that triggers their legal entitlement to insurance continuation will receive a notice of their right to elect continued insurance coverage consistent with state and federal law, including but not limited to the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") (as amended). The notice will be provided as required by law, and employees must follow the procedures outlined, including but not limited to paying the full premium for the continuation coverage. Employees should contact Human Resources for additional details. 4.8 Non -Union Post -Employment Healthcare Savings Plan The PEHCSP is an employer -sponsored program that allows employees to invest in a tax - preferred medical savings account while employed by a Minnesota public employer. All non -union employees hired after January 1, 1984, will participate in the post -employment healthcare savings plan, contributing as follows: NON-UNIONEMPLOYEES - PERA COORDINATED MEMBERS • GROSS WAGES: Contribute 2% after 5 years of service and beyond. • SICK LEAVE CONVERSION: At the end of the calendar year, contribute all hours greater than 960 at a conversion rate of 2 to 1). • VACATION: Upon separation of employment, contribute unused accrued vacation time as follows: o 50% after 5 years of service through 10 years of service o 75% with 11 years of service through 15 years of service o 100% after 16 years of service and greater • SICK LEAVE SEVERANCE: Upon separation of employment, contribute 100% of unused eligible accrued sick leave. NON-UNIONEMPLOYEES - PERA POLICE & FIRE MEMBERS • GROSS WAGES: Contribute 1% for all employees until 5 years prior to normal retirement age (55), at which time ongoing contributions increase to 4%. • SICK LEAVE CONVERSION: At the end of the calendar year, contribute all hours greater than 960 at a conversion rate of 2 to 1). • VACATION: Upon separation of employment, contribute 100% of unused accrued vacation time (regardless of years of service). • SICK LEAVE SEVERANCE: Upon separation of employment, contribute 100% of unused eligible accrued sick leave. Eligible sick leave severance includes Earned Sick and Safe Tim It will be defined as a lump - sum payment upon termination of employment, contributed to the PEHCSP, based on the following percentages of the employee's unused, accumulated sick leave: • 33% after 5 years of continuous employment 231Page