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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 pension and who <br />give the Utilities proper notice (generally at least two -weeks) shall have a <br />portion of their unused sick, leave up to 960 hours, converted into cash and <br />deposited into their Post Employment Health Care Savings account, but only <br />on the condition that they sign and do not rescind an agreement releasing <br />claims arising out of their employment, in a form prescribed by the Utilities. <br />The amount of unused sick leave to be converted to cash and deposited into <br />an employee's Post Employment Health Care Savings account will be <br />determined by the number of years an employee has worked at ERMU at time <br />of retirement. The chart below shows the years of service and percentage of <br />unused sick leave eligible for conversion to the employee's Post Employment <br />Health Care Saving Plan. <br />0-7 years <br />50% <br />8-11 years <br />55% <br />12-15 years <br />60% <br />16-19 years <br />65% <br />20-23 years <br />70% <br />24-27 years <br />80% <br />28-31 years <br />90% <br />32+ years <br />100% <br />5. 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 />l 00% 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 />46. 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 />Plan and/or Wenzel & Associates' John 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 />52 <br />July 2024 <br />2313900 <br />117 <br />