Reso 2020-3124 - Laserfiche WebLink

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employees shall be the rate established by FRS pursuant to state law. The Employee's contribution rate shall be established by FRS pursuant to state law. Section 8. Retirement Health Stipend Plan. Retired employees with twenty (20) years or more of sworn service with the City shall receive a $500 a month stipend until the age of 65 at which time the $500 stipend shall be reduced to $250 a month for two (2) years from the date the employee reached the age of 65. Employees who have retired in good standing from another agency or who transfer into the Department, with a minimum of ten (10) years of full-time sworn service with the other agency, and who thereafter have a minimum of ten (10) years of sworn service with the Department, will have a one-time option to receive a monthly health insurance stipend of $250 upon satisfactory separation from the Department until the employee reaches the age of 65, or for a maximum of eight (8) years, whichever first occurs. If the retired or separated employee has health insurance coverage from previous or current employment or from a spouse, the employee shall not be eligible to participate in the retirement health benefits program. In order to qualify for this retired health benefit, the retired employee shall execute an affidavit on an annual basis attesting that they are not receiving other moneys to pay for their health insurance premiums from any other source. It is hereby agreed that an employee, who was hired as a part of the original group of police officers at the time of the creation of the police department, shall be eligible for the retirement health benefits program discussed herein. The $-5-04 stipend will be used exclusively to pay health insurance premiums. The stipend may be reduced if the retired or separated employee's monetary contribution to a health insurance plan is less than the stipend. Section 9. Health Insurance for Retirees. Upon retirement, a retired employee shall have a one-time option to enroll in the City's health insurance plan and the stipend provided for in Section 8 above shall be credited towards the premium of the health insurance. The option to enroll in the City's health insurance plan upon retirement is a one-time option, which must be exercised on or before the last day of employment with the City and the retiree shall not be eligible to participate in the City's health plan upon reaching the age of 67 years old. Section 10. Deferred Compensation. An optional section 457 tax deferred savings program and Roth IRA plan are available to employees who wish to supplement future retirement income. The plan allows employees to put aside a portion of their earnings pre-tax each pay period, through payroll deduction, into an account for their retirement and reduce the amount of earnings that is currently taxable. -31-