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<br />211755v2 1 <br /> <br />EARLY RETIREMENT AGREEMENT <br />BETWEEN <br />CITY OF ORONO, MINNESOTA <br />AND <br />___________________________ <br /> <br /> <br /> <br /> THIS AGREEMENT, made and entered into this 23rd day of January, 2023, by <br />and between the CITY OF ORONO, a Minnesota municipal corporation (hereinafter the <br />"City"), and Barry Rathbun, an individual (hereinafter "Employee"). <br /> <br />RECITALS <br /> <br /> A. The City has offered certain employees of the Local 49 Union the right but <br />not the obligation to participate in an early retirement option. The City offered to pay <br />insurance benefits at the single rate as outlined in the current labor agreement for up to three <br />years or until age 65, whichever comes first. <br /> <br /> B. The Employee will turn 65 before three years have passed from the date of <br />resignation. <br /> <br /> C. The Employee has decided to voluntarily participate in the program. <br /> <br /> NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and <br />agreements as set forth herein the sufficiency of which is hereby acknowledged by both <br />parties, the City and the Employee agree as follows: <br /> <br /> 1. RESIGNATION. The Employee hereby voluntarily resigns from <br />employment with the City of Orono effective ______________, 2023. <br /> <br /> 2. INSURANCE. The City shall contribute no less than 100% of the monthly <br />premium cost for single health insurance coverage. Health coverage must be selected from <br />the plans available to City employees. <br /> <br /> 3. TERM. The City’s monthly contributions towards the Employee’s health <br />insurance coverage under this Agreement will begin after the Employee’s employment is <br />terminated. The City’s monthly contributions will cease after the Employee’s 65th birthday. <br />