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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 pensionand 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 />thatthey sign and do not rescind an agreement releasing claims arising out of <br />their employment, in a form prescribed by the Utilities. <br />43. 457 DEFERRED COMPENSATION <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 />Employees in the Management Pay Group are eligible for an additional employer matching <br />(dollar for dollar) contribution up to 2.5% of the <br />on the individual providing the Utilities with authorization for the necessary payroll <br />deductionand subject to applicable legal limits to such contributions. <br />All Utilities employees are subject to Minnesota law capping public employee salaries <br />to the calculation of salaries under that cap, including, for example, vacation and sick leave <br />allowances. <br />. Each employee will be paid that portion of the <br />and otherforms of compensation exceed theamount permitted by law to be paid is entitled <br />to receive paid leave timein lieu of that portion of the salary that exceeds the amount <br />permitted by law to be paid. The amount of such paid leave creditwill be calculated using <br />policy and plan. The Commission and the General Manager are eachauthorized 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 />descriptions that have been distributed to each employee, additional copies of which are <br />also available upon request. <br />41 <br />January 2020 <br />198 <br />