REGULAR CONTRIBUTIONS: NEW EMPLOYEES AND OPT-OUT EMPLOYEES. Employees who are hired after the date of ratification of this Agreement by both parties (“new employees”) and those current employees who elect irrevocably to opt out of (waive) the City’s obligation to pay health insurance premiums for them upon retirement, as provided in Section 18.6 (“opt-out employees”), shall be entitled to retiree health insurance by means of their participation in the RHSP but shall not be eligible for City-paid health insurance premiums upon retirement as provided by Section 18.5. For each such new employee and opt-out employee, the City shall contribute on or about the first payroll date in January (“the contribution date”) during each year of this Agreement remaining after the date of ratification of the Agreement by both parties, or upon the successful conclusion of an employee’s probationary period, if later, $1,000 plus .25 percent (one-quarter of one percent) of annual salary as of the contribution date to the employee’s Retiree Health Savings Plan account maintained by ICMA-RC.
