Agenda - Council - 03/11/2025 - Laserfiche WebLink

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Lo f Y, fv\ J 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, 1954, will participate in the post -employment healthcare savings plan, contributing as follows.- NON- UNION EMPLOYEES - PERA C'OORDINATED 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 0 100% after 16 years of service and greater • SICK LEAVE SEVERANCE: Upon separation of employment, contribute 100% of unused eligible accrued sick leave. Eligible sick leave is a percentage of the full balance, based on years of service. NON -UNION EMPLOYEES -- 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 is a percentage of the full balance, based on years of service. Eligible sick leave severance includes Earned Sick and Safe Time It will be defined as a lump - sum payment upon termination of employment, contributed to the PEHC SP, based on the following percentages of the employee's unused, accumulated sick leave: 3 3 % after 5 years of regular employment • 45% after 10 years of regular employment A 50% after 15 years of regular employment To qualify for eligible ES ST severance pay, an employee must leave City employment in good standing.