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a. Employees with fewer than 10 years of service are required to <br /> contribute 1% of their gross wages. <br /> b. Employees with fewer than 20 years of service and at least 10 years of <br /> service are required to contribute 2%of their gross wages. <br /> c. Employees with at least 20 years of service are required to contribute <br /> 3% of their gross wages. <br /> 2. Employees who have accrued over 960 hours of sick time will have 50% of <br /> those hours converted to cash and deposited in their Post Employment Health <br /> Care Savings account. The conversion will take place once a year at the end <br /> of December. <br /> 3. Employees who voluntarily end their employment and who give the Utilities <br /> proper (generally at least two-weeks) notice, and employees whose <br /> employment ends involuntarily because of lack of work, will have 50% of <br /> unused sick leave, up to a maximum of 120 days, converted into cash and <br /> deposited into their Post Employment Health Care Savings account provided <br /> they sign and do not rescind an agreement releasing claims arising out of their <br /> employment, in a form prescribed by the Utilities. Employees involuntarily <br /> terminated by the Utilities for any reason other than lack of work shall not be <br /> eligible to receive such conversion. No contributions will be accepted by the <br /> Plan on behalf of an employee after the death of the employee. <br /> 4. Employees who retire immediately eligible to claim their pension and who <br /> give the Utilities proper notice (generally at least two-weeks) shall have <br /> 100% of unused vacation time converted into cash and deposited into their <br /> Post Employment Health Care Savings account, but only on the condition <br /> that they sign and do not rescind an agreement releasing claims arising out of <br /> their employment, in a form prescribed by the Utilities. <br /> 41. 457 DEFERRED COMPENSATION <br /> The Utilities will match funds contributed by employees, up to 3% of their base salary <br /> annually, with a maximum contribution of $2,000.00.2,500.00. These plans are <br /> administered by the Minnesota State Deferred Compensation Plan and/or Wenzel & <br /> Associates' 414QJohn Hancock Plan. <br /> Employees in the Management Pay Group are eligible for an additional employer matching <br /> (dollar for dollar)contribution up to 2.5%of the manager's annual base salary,conditioned <br /> on the individual providing the Utilities with authorization for the necessary payroll <br /> deduction and subject to applicable legal limits to such contributions. <br /> The Utilities' contribution will be made as of May 31st of each plan year for the employee <br /> or as soon thereafter as administratively feasible. If an employee departs prior to May 31st, <br /> she/he will receive a prorated contribution for that year. For a complete plan <br /> 39 <br /> March-?017 <br /> September 2018 <br /> 86 <br />