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and the contributions specified herein are made, but in such event <br />said Employee shall forfeit the one hundred and thirty dollars ($130) <br />payment per month thereafter. <br />(4) Life Insurance. The City shall provide term life insurance coverage <br />in an amount not less than Fifteen Thousand Dollars ($15,000) for <br />each Teamster employee. <br />(5) <br />Benefit Waiting Period. The City notes that life insurance, <br />comprehensive major Medical Insurance, and short- term disability <br />programs require a minimum of sixty (60) day eligibility period; and <br />that the long-term disability program requires a minimum of a ninety <br />(90) day eligibility period which Teamster employees must meet. <br />(d) PERF Contribution. The City shall contribute one- and one-half percent <br />(1.5%) of the Employee's required three percent (3%) contribution to the <br />Indiana Public Employee Retirement Fund ("PERF") under Ind. Code 5- <br />10.2-3-2 for Employees who are members of the Bargaining Unit as of <br />January 1, 2025 or Employees hired after January 1, 2025 who have <br />maintained both five (5) continuous years of employment with the City and <br />five (5) years membership in the Bargaining Unit. Employees are <br />responsible for the remaining one- and one-half percent (1.5%) contribution <br />to PERF, as set forth in the Collective Bargaining Agreement, incorporated <br />herein by reference. <br />(e) Longevity. In recognition of certain Employee's dedicated service to the <br />City, the following Longevity Bonus Plan is provided according to the <br />contract terms and conditions: <br />0-5 Years <br />6-10 Years <br />11-15 Years <br />16-20 Years <br />21+ Years <br />= $0.00 <br />= $150.00 <br />= $200.00 <br />= $250.00 <br />= $350.00 <br />(f) Other Monetary Fringe Benefits. All other fringe benefits shall be as set <br />forth in the City's Personnel Policies and Procedures Manual as it may be <br />amended from time to time and the Collective Bargaining Agreement. If <br />there is a conflict between Policy and the Bargaining Agreement, the <br />Bargaining Agreement shall prevail. <br />(g) <br />Early Retirement Incentives. The Mayor shall have discretion to offer an <br />early retirement incentive program that may take the form of a bonus upon <br />retirement for years of service or assistance with health insurance for a retiree <br />who isn't Medicare eligible. Such assistance shall not exceed one (1) year. <br />Any such bonus or assistance must be approved by the Mayor and Controller <br />and are subject to appropriation by the Common Council before any such <br />bonus or assistance may be paid. <br />I.C. 5-10.2-3-1.2 permits employers to purchase one year for every five years <br />of service for employees in PERF covered positions under certain conditions. <br />The Mayor shall have discretion to offer such early retirement incentive <br />program, pursuant to statute, after consultation with the Controller and after <br />appropriation by the Common Council. <br />(h) Hiring Bonus. The Mayor, may, at his/her discretion, offer a Hiring Bonus to <br />a new Teamster employee as an incentive for the employee to accept the <br />position offered. This Bonus will be paid to the employee in addition to the <br />salary set forth in the Salary Ordinance. The range of these monetary <br />bonuses will be from one hundred ($100) to four thousand dollars ($4,000). <br />(i) <br />Teamster Recruitment Incentive. The Mayor, at his/her discretion, to <br />address labor shortages affecting qualified Teamster employees, or for other <br />