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VantageCare Retirement Health Savings Plan Summary of Plan Provisions RHS Plan Information: Plan Name: City of Sunny Isles Beach Retirement Health Savings Plan Plan Number: To Be Determined Effective Date: October 1, 2006 Participation: All City employees are eligible to participate. Election to participate in the plan is voluntary. Once participation is elected, an employee may not choose to opt out. Contributions: The following contribution types are available in the City's RHS plan: 1. Direct Employer Contributions: (not at this time). 2. Elective Pre- Tax Contributions from: The City will submit an employee's elected contribution amount on their behalf. The amount elected may be 1 % to 100% of earnings for the Plan Year. An employee will nave a 60- day election window from their date of initial eligibility to make their election to contribute. Contributions may begin no earlier than the calendar month following the end of the election window. If an employee does not make an election in their first year of eligibility, they have an ongoing option to make an election at a future date. An annual election window of 60 days will be provided during which the election may be made. This window is available from October 1 through November 29 each year. Contributions may begin no earlier than the calendar year following the year of election. (Note: Once an employee chooses to make irrevocable pre-tax contributions from compensation, they will not be able to change the amount or discontinue the contributions.) 3. Elective Pre- Tax Contributions of Accrued Leave: The City may contribute vacation, sick leave, and compensatory time contributions on an employee's behalf. There are no limits on the amount of accrued vacation leave or compensatory time an employee may contribute. The total amount of sick leave that may be contributed by an employee is limited based on the City's existing sick leave pay-out policy, Le., a non-exempt employee with less than three years service may not contribute sick leave until three years service is attained and then only up to 10% of the employee's current sick leave balance may be contributed (see attached). Employees have a 60-day election window from the date of their initial eligibility to make an election to contribute. Contributions may begin no earlier than the calendar month following the end of the election window. If an employee does not make a contribution in the first year of eligibility,