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

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eligible for PERA contributions. For specific questions on contributions, employees should contact Human Resources. The City offers PERA's Phased Retirement Option on a case -by -case basis, subject to approval by the Administrative Services Director, Depaitiuent Head, and the City Administrator, if it aligns with the City's strategic goals. This agreement can be terminated at any time. Employees interested in this option should contact Human 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 Human Resources on annual contribution limits and other specific details about these plans, please contact Human Resources. 4.5 Health Savings Account Employees must be enrolled in one of the City's qualified high -deductible health plans (HDHP) to contribute to a Health Savings Account (HSA). Both employees and the City may contribute to the HSA. An HSA is a tax-exempt savings account used to accumulate funds for eligible health care expenses. These funds may be used to pay for health care expenses as they occur, contingent upon available funds, or saved for future use. For additional details, employees should contact Human Resources. 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 annuity from PERA, or who have met the age and service requirements for PERA. Unless otherwise required by federal or state law, former employees are responsible for paying the full premium. Failure to pay the premium will result in termination of coverage. Employees should contact Human Resources for additional details. 4.7 COBRA 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. 171Page