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2. C'oll]Pensration. 2.1 Annual aalary City agrees to pay City Manager, and City Manager agrees to accept from City, as compensation for services rendered by City Manager pursuant to this Agreement, an annual salary, commencing on the Effective Date, in the amount of two hundred and nighty thousand dollars ($ 290,000.00) (hereinafter "Annual Salary"), payable in installment payments in the same mamrer and at the same times as salaries of other executive managers of the City are paid. 2.2 Benefits 2.2.1 F`na1 l yee !?9?ts Except as otherwise expressly provided for in this Agreement (te. sick leave, vacation, car allowance, 457 deferred compensation), City Manager shall be entitled to receive the same benefits provided to other Executive Management employees pursuant to Resolution No. 2015-026, as may be amended from time to time by the City Council. These benefits include, but are not limited, to health insurance (medical, dental, vision), holidays, retiree health savings plan, and disability insurance, and bereavement leave. 2.2.3 Sick Leave Bank Upon employment with the City, City Manager shall be provided a bank of 40 hours of Sick Leave, 2.2.4 Sick. Leave Accrual City Manager shall accrue 8 hours of sick leave per month. 2.2.5 vacation Allowance Upon employment with City, City Manager shall be provided a bank of 80 hours of vacation leave and shall accrue at a monthly rate equal to 160 hours per year. 2.2.6 Ca1P 'R embea lri As a classic member under CalPERS, City Manager will be enrolled in the 2.7% at age 55 benefit formula and shall be responsible for paying the corresponding employee contribution per Cal PEES requirements as they exist today or as may be amended by the legislature. As of the effective date of this Agreement the applicable contribution rate for miscellaneous classic members is 8%,