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Section 9. Health Insurance for Retirees. Upon retirement, a retired employee shall have <br />a one-time option to enroll in the City's health insurance plan and the stipend provided for in <br />Section 8 above shall be credited towards the premium of the health insurance. The option to <br />enroll in the City's health insurance plan upon retirement is a one-time option, which must be <br />exercised on or before the last day of employment with the City and the retiree shall not be eligible <br />to participate in the City's health plan upon reaching the age of 67 years old. <br />Section 10. Deferred Compensation. An optional section 457 tax deferred savings <br />program and Roth IRA plan are available to employees who wish to supplement future retirement <br />income. The plan allows employees to put aside a portion of their earnings pre-tax each pay <br />period, through payroll deduction, into an account for their retirement and reduce the amount of <br />earnings that is currently taxable. <br />Section 11. Labor -Management meeting. Management has the right to change its <br />insurance and related offerings for all employees, including for members of the bargaining unit. <br />In recognition of the importance of this issue to unit employees, Management will discuss <br />proposed changes in the Labor -Management meetings prior to instituting any changes to the plan <br />design and/or premiums of its insurance and related offerings. <br />-39- <br />165 <br />