Agenda - Council Work Session - 11/26/2024

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4.7 COBRA Employees participating in the Gi-tyCity's group health insurance plan who terminate employment with the CityCity or experience another qualitying event thatwtnch 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 +a accoruance with suchas required by 1aws and employees must follow the procedures outlined, including but comply with those laws if they wish to continue coverage after separating from the CityCity's employment, including, but not limited to paying the fullentire premium for the duration of the continuation coverage. Employees should contact Human ResourcesHuman Resources for additional details. 4.8 Non -Union Post- mployment Healthcare Savings Plan (PEHCSP) 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 beyondgreater. • 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. 311Page Commented [CL5]: Future changes may occur on this section. There is no additional cost to the City, regardless of the amounts.