Medical Premium Payments for a 15 to 20 Year Employee After Service Retirement. The sick leave conversion plan for an employee who has worked with the City of Pleasant Hill for fifteen (15) or more years, but less than twenty (20) years, and who elects to take a service retirement is as follows: After reaching age 50, fifty percent (50%) of the employee’s accrued sick leave at twenty-five percent (25%) of their last day’s salary, calculated at net present value as of the date of retirement, shall be contributed to the employee’s RHS Plan account pursuant to the Police Association’s RHS Plan adoption agreement. Upon exhaustion of the accrued sick leave funds in the employee’s RHS account, the City shall contribute one (1) additional year of medical premium payment.
Medical Premium Payments for a 15 to 20 Year Employee After Service Retirement. The sick leave conversion plan for an employee who has worked with the City of Pleasant Hill for fifteen (15) or more years, but less than twenty (20) years, and who elects to take a service retirement is as follows: At age fifty (50) to fifty-four (54), an employee may apply fifty percent (50%) of unused sick leave, calculated at twenty-five percent (25%) of their present salary, to pay for medical and dental insurance premiums. The premium payments shall be paid from a fund set aside for this purpose and shall continue to be paid until: (a) the depletion of the applied monies, or (b) the death of both the employee and his/her legal spouse. There shall be no right to survivorship of these funds after the death of both the employee and his/her legal spouse. The annual insurance premium rate in existence for family coverage (employee plus dependents) shall be the maximum amount available to the retired employee the year of retirement and each year thereafter until the fund has been depleted. Upon depletion of this benefit, the City will contribute an additional year’s premium. After reaching age 50, fifty percent (50%) of the employee’s accrued sick leave at twenty-five percent (25%) of their last day’s salary, calculated at net present value as of the date of retirement, shall be contributed to the employee’s RHS Plan account pursuant to the Police Association’s RHS Plan adoption agreement. Upon exhaustion of the accrued sick leave funds in the employee’s RHS account, the City shall contribute one (1) additional year of medical premium payment.
