CCP 05-26-2009 - Laserfiche WebLink

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amount by the City will vary based upon the employee's years of service to the City. (4) Employee's who have a secondary sick leave bank with the City of New Brighton will receive a buyout from the City on a 3 to 1 basis. For every three hours of sick leave that the employee has accrued in his/her secondary sick leave bank, the employee shall be compensated for one hour of pay. The eligible employees will receive the secondary sick leave bank buyout in the form of a City contribution into the employee's post retirement health savings plan. (5) Employee will be offered benefits continuation (COBRA-Per Minn. Stat 471.61) at the point of separation and it will be the employee's responsibility to pay any costs associated with the continuation of benefits costs in a timely manner. (6) Employees that participate in the City of New Brighton's Early Retirement Incentive Program will also receive a one-time contribution of $10,000 into the employee's retirement health savings account to assist with future health insurance premiums and expenses. The City Manager will have the final decision regarding whether to approve or deny an employee's request to participate in the Early Retirement Incentive Program. Individuals wishing to apply for this incentive would be required to submit their application form to the City Manager or Assistant to the City Manager by July 17, 2009. City staff has consulted with the City Attorney and ICMA Retirement Corporation (City's retirement health savings plan provider) regarding the proposed Early Retirement Incentive Program and both parties expressed no concerns regarding the proposed program. I:\COUNCIL\REPORTS\2009\Admin\Early Retirement Incentive Plan-May 2009.doc