5.1 ERMUSR 06-14-2022 - Laserfiche WebLink

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3.2.Performance Measurement Incentive Compensation.Employee will be eligible to fully participate in the Utilities’s Performance Metrics Incentive Compensation system (“UPMIC”) used to annually award performance-based compensation earned by eligible employees (those currently employed who are in good standing) in accordance with the terms and conditions and incentive achievement formulae adopted annually by the Utilities Commission and set forth in a UPMIC document. To be eligible to receive an award under UPMIC if one is achieved, the Employee must remain employed by the Utilities at the time such award is to be made. 4. Employee Benefits. During Employee’s employment with the Utilities, Employee will be entitled to participate in all retirement savings plans, health and other insurance plans, and other employee benefits and policies made available by the Utilities to its employees generally, as they may be changed from time to time. Retirement Plan. Such retirement plans include, specifically, the plan sponsored and managed by or on behalf of the Minnesota Public Employees Retirement Association (PERA). The Utilities shall make contributions to a retirement plan account established for Employee in PERA as prescribed by law and in accordance with the terms and conditions of such PERA retirement plan. Vacation. For purposes of the Utilities’s vacation benefit applicable to Employee, Employee will be credited on his Start Date with nineteen years of industry service, resulting in his being eligible under the Utilities’s vacation policy to accrue 25 vacation days per year at the rate of 7.70 hours per pay period during the first year of his employment, and to use his vacation time without reduction of the minimum annual base salary payable to Employee pursuant to Section 3.1 of this Agreement. In addition, on his Start Date Employee will receive five vacation days in his account, which will be immediately available for use and which are in addition to the 25 days he will be eligible to accrue during his first year of employment. Except as provided herein, all terms and conditions for Employee’s paid vacation including terms for annual carryover of vacation time and for pay out or conversion of such time upon the end of employment will be as applicable to all Utilities employees under the Utilities’s vacation policy. Paid Sick Leave and Paid Holidays. Paid sick leave and paid holidays are included as other benefits and policies made available by the Utilities to its employees generally. Under Utilities policy Employee will be eligible to accrue sick leave at the rate of 3.70 hours per pay period (twelve days per year). In addition, on his Start Date Employee will receive ten sick days in his account, which will be immediately available for use and which are in addition to the twelve (12) sick days he will be eligible to accrue during his first year of employment. Employee may use his accrued sick leave in accordance with Utilities policy without reduction in salary. Except as provided herein, all terms and conditions for Employee’s sick leave including terms for annual carryover of sick leave time and for any pay out or conversion of such time upon the end of employment will be as applicable to all Utilities employees under the Utilities’s sick leave policies. Employee will be entitled to observe Utilities-designated holidays in accordance with Utilities policy without reduction in his salary. No Obligation to Establish Other Benefit Plans. Employee acknowledges and agrees that the Utilities is under no obligation to Employee to establish and maintain any employee benefit 2 48943343v3 142