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<br /> <br /> 41 <br />January 2020 <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 /> <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 /> <br /> <br />43. 457 DEFERRED COMPENSATION <br /> <br />The Utilities will match funds contributed by employees, up to a maximum contribution of <br />$2,500.00. These plans are administered by the Minnesota State Deferred Compensation <br />Plan and/or Wenzel & Associates’ John Hancock Plan. <br /> <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 /> <br />All Utilities employees are subject to Minnesota law capping public employee salaries <br />based on the Governor’s salary. Certain definitions and exclusions apply from time to time <br />to the calculation of salaries under that cap, including, for example, vacation and sick leave <br />allowances. <br /> <br />Leave Credit In Lieu Of Compensation. Each employee will be paid that portion of the <br />employee’s assigned salary that is permitted by law to be paid. An employee whose salary <br />and other forms of compensation exceed the amount permitted by law to be paid is entitled <br />to receive paid leave time in lieu of that portion of the salary that exceeds the amount <br />permitted by law to be paid. The amount of such paid leave credit will be calculated using <br />the employee’s annual rate of pay established pursuant to the applicable compensation <br />policy and plan. The Commission and the General Manager are each authorized to <br />establish the assigned salary using the provisions of this policy and the compensation plan <br />established by the Commission. Further information about this Leave Credit is available <br />from management or Human Resources upon request. <br /> <br />For more information about the Utilities’ benefit plans consult the summary plan <br />descriptions that have been distributed to each employee, additional copies of which are <br />also available upon request. <br /> <br /> <br />128