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11.5 <br /> <br />11.6 <br /> <br />11.7 <br /> <br />existing life plans covering employees covered by this Agreement on the same basis <br />as its plans are offered to the employees as of June 30, 1998, including term life <br />insurance coverage for each affected employee in the amount of twenty thousand <br />dollars ($20,000) plus twenty thousand dollars ($20,000) Accidental Death and <br />Dismemberment (AD&D) coverage at no cost to the employee. <br /> <br />When there is a need to discuss matters relating to employee insurance and the City <br />believes it would be beneficial to involve an Insurance Committee, the Union shall <br />have an equal number of representatives as the City on such a committee to meet as <br />necessary. <br /> <br />Medical Retirement Subsidy Plan. Based on the first payroll period in October 2001 <br />and no later than October 31 each year thereafter for the term of this Agreement, the <br />City shall contribute to a fund an amount of money equal to one-half of one percent <br />(.5%) of the bargaining unit's salary base for the purpose of providing a retiree health <br />insurance subsidy plan. Eligibility for and the specific payments made to members <br />of the bargaining unit pursuant to this plan shall be designated at the sole discretion <br />of SEIU. The plan shall be administered by the City, at no cost to the Union or its <br />members pursuant to the written directives of SEIU. The funds contributed by the <br />City will be maintained in such a manner as to insure that the funds are invested in <br />a reasonably secure plan that bears a reasonable rate of interest/growth given current <br />financial markets. For purposes of this Agreement, investments made pursuant to the <br />then current Statement of Investment Policy for the City of Santa Ana, shall be <br />deemed to meet the requirements of this section. This program is for medical <br />insurance premium reduction only and will be implemented by February 1, 2002 for <br />an employee retiring after July 1, 2001. If an employee retires between July 1,2001 <br />and February 1, 2002, he or she will be eligible to participate in said plan; however, <br />in no event, will he or she be eligible to utilize this program until February 1, 2002. <br />Additionally, in no event shall said employee(s) be eligible for retroactive medical <br />premium reduction assistance prior to February 1, 2002. <br /> <br />If any other bargaining unit receives a vision insurance plan during the term of this <br />Agreement, the City and SEIU agree to reopen this section of this Agreement. <br /> <br />46 <br /> <br /> <br />