Common use of Benefit Fund Contribution; Excess Funds to Deferred Compensation; Medical, Dental, and Optical Insurance Clause in Contracts

Benefit Fund Contribution; Excess Funds to Deferred Compensation; Medical, Dental, and Optical Insurance. Pursuant to federal and state law, employees attaining the minimum age of 46 ("3 % @ 50" retirement plan) or 51 ("3% @ 55" retirement plan) or 53 (“2.7% @ 57” retirement plan), as applicable, and who are within 4 years of their planned retirement date/normal retirement age (NRA), may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they actually retire/attain their NRA. To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to an employee's planned retirement date/NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2.25 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catch-Up" will normally be distributed over the 3 calendar years ending prior to an employee's planned retirement date/NRA (or alternate NRA). However, based on the total amount of "457 Catch-Up" contributions available to the employee, accumulated sick leave hours, and the employee's designated retirement date/NRA (or alternate NRA), "457 Catch-Up" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in the year the employee actually retires/attains his/her NRA.

Benefit Fund Contribution; Excess Funds to Deferred Compensation; Medical, Dental, and Optical Insurance. Department heads are eligible for consideration and possible inclusion in the City's deferred compensation program up to a maximum of 5 percent of base salary, upon recommendation and approval of the City Manager. Participation in this plan is not a right of employees, but is a benefit to be earned based on job performance; accordingly, the City Manager may reduce the benefit below 5 percent or increase it up to 5 percent based on the employee's performance. Pursuant to federal and state lawlaw and the City’s deferred compensation plan, employees attaining the minimum age of 46 ("3 % @ 50" retirement plan) or 51 ("3% @ 55" retirement plan) or 53 (“2.7% @ 57” retirement plan), as applicable, and who are within 4 years of their planned retirement date/normal retirement age (NRA), may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they actually retire/attain their Normal Retirement Age (NRA). To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to the calendar year of an employee's planned retirement date/NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2.25 2 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catch-Up" will normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's planned retirement date/NRA (or alternate NRA). However, based on the total amount of "457 Catch-Up" contributions available to the employee, accumulated sick leave hours, and the employee's designated retirement date/NRA (or alternate NRA), "457 Catch-Up" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in the year the employee actually retires/attains his/her NRA (or alternate NRA).

Benefit Fund Contribution; Excess Funds to Deferred Compensation; Medical, Dental, and Optical Insurance. Pursuant to federal and state law, employees attaining the minimum age of 46 ("3 % @ 50" retirement plan) or 51 ("3% @ 55" retirement plan) or 53 (“2.7% @ 57” retirement plan)47, as applicable, and who are within 4 3 years of their planned retirement date/normal retirement age (NRA), may take advantage of the 457 Deferred Compensation Plan "Catchcatch-Upup" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they actually retire/attain their NRAfederal and state law. To the extent allowed by federal and state law and the City's deferred compensation planplan administrator, the City will allow, in 1 or more of once annually during the 3 calendar years ending prior to an employee's planned retirement date/NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2.25 hours for 1 hour of cash contribution, contribution at the employee's base rate of pay in effect at the time of conversion, conversion to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catchcatch-Upup" will shall normally be distributed over the 3 calendar years ending prior to an employee's last 3 years prior to his/her planned retirement date/NRA (or alternate NRA). However, based on the total amount of "457 Catchcatch-Upup" contributions available to the employee, accumulated sick leave hours, and the employee's designated retirement date/NRA (or alternate NRA), "457 Catchcatch-Upup" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in during the year employee's final payroll compensation period with the City. To be eligible to participate, the employee actually retires/attains must be within 3 years of his/her NRA.planned retirement date, have "457 catch-up" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours of sick leave in his/her accrual account after conversion during each year of participation. For purposes of this paragraph only, sick leave hours used for the "457 catch-up" shall be the first earned with respect to accumulation. (For additional benefit conversion instructions, restrictions, and policies also see Article 15: Leaves, Section