09-12-2022 Council Packet - Laserfiche WebLink

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26 221698v1 Article 9. BENEFITS Section 9.01 Health, Dental, Life Insurance The city will contribute a monthly amount for each eligible employee into a section 125 cafeteria plan. At the time of hire, and during the annual open-enrollment period, employees have the option to select from the following benefits. Pretax: • Health Insurance • Dental Insurance • HSA Contribution • Medical FSA • Limited Medical FSA • Dependent Care FSA After Tax: • Supplemental Life • Short-Term Disability • Long-Term Disability In accordance with federal health care reform laws and regulations, while avoiding penalties, the city will offer health insurance benefits to eligible employees and their dependents that work on average or are expected to work 30 or more hours per week or the equivalent of 130 hours or more per month. The amount to be contributed and the type of coverage will be determined annually by the City Council. For information about coverage and eligibility requirements, employees should refer to the summary plan description or contact the Finance Department. Section 9.02 Retirement/PERA The city participates in the Public Employees Retirement Association (PERA) to provide pension benefits for its eligible employees to help plan for a successful and secure retirement. Participation in PERA is mandatory for most employees, and contributions into PERA begin immediately. The city and the employee contribute to PERA each pay period as determined by state law. Members of PERA are also eligible to participate in a PERA life, a voluntary decreasing term life insurance plan. For information about PERA eligibility, contribution requirements, and PERA life, contact the Finance Department or PERA directly (mnpera.org). Section 9.03 Retirement/Deferred Compensation Benefit earning employees are also eligible to participate in the City’s Deferred Compensation Plan (457 Plans). The City currently offers plans form the Minnesota State Retirement System, Nationwide and Mission Square Retirement (formerly ICMA). Information on these plans can be found in the appendix. Section 9.04 Retirement/OBRA Temporary and Seasonal employees participate in OBRA 457 plan administered by Nationwide. Employees participating in an OBRA plan contribute 7.5% of their wage to the 457 plan and do not contribute to Social Security. The employees covered in this section still contribute to Medicare. Section 9.05 Tuition Reimbursement (see Appendix B for detailed policy and forms)