Agenda - Council - 12/10/2024 - Laserfiche WebLink

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the pension is portable among public employers throughout the state. —_Being vested allows employees to means qualify_ifg-for benefits at the minimum allowable age. Both the City and the employee typically contribute In normal situations, employees and employers both contribute a percentage of the employee's eligible gross salary to PERA. However, Minnesota law provides that some income received by an employee are not eligible for PERA contributions.— For specific questions on contributions, employees should contact Human ResourcesHuman Resources with specific questions regarding PERA contributions. The CityCity offers PERA's Phased Retirement Option on a case -by -case basis, subject to after approval by the Administrative Services DirectorHR Manager, Department Head, and the CityCity Administrator, if it aligns with as deemed beneficial to the CityCity's in meeting the goals of the strategic goalsp .— Thise agreement can be terminated at any time.— Employees interested in this option should contactsee Human ResourcesHuman Resources for more information. 4.4 Employee Savings Plans All employees eligible to enroll in PERA are also eligible to place a portion of their earnings in a 457 savings plans; pre-tax and/or post tax programs. For information. contact Plcase contact Human ResourcesHuman Resources regarding maximumon annual contribution limits and for any other specific information details aboutregarding these plans, please contact Human ResourcesHuman Resources. - 4.5 Health Savings Account Flexible spending nccou.,t Employees must be enrolled in one er�of the eittCity's qualified high -deductible health plans (HDHP) in order to contribute to a Hhealth Savings Aaccount (HSA). Both employees and the City may contribute to theAn I4S4HSA. m y be funded by both employee^ An HSA he" lth nt (4S ^ ` is a tax-exempt savings vchicloaccount used to accumulate funds for eligible health care expenses. These fundsHSAs may be used to pay for health care expenses as they occur, contingent upon available funds, or the funds may remain in the account until needed later in lifesaved for future use. For additional details, Employees can establish flexible spending- accounts and have pre tax deductions made from their payroll checks to pay for eligible childcare and eligible medical expenses. The law limits the maximum contributions that employees can make to their flexible spending account and the specific expenses that can be paid out of such accounts. employees should contact Human ResourcesHuman Resources. for additional details. 4.6 Retiree Benefits Minnesota law provides for continuation of health and dental coverage to certain former employees who are receiving a disability benefit or an -annuity from PERA, or who have met the PERA age and service requirements for PERA. —Unless otherwise required by federal or state law, liformer employees are responsible for paying the fullentire premium. _Failure to pay the premiumdo so will result in termination of coverage.— Employees should contact Human ResourcesHuman Resources for additional details. 151Page