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3) Voluntary ICMA 457 Deferred Compensation Plan <br /> The City offers a voluntary Section 457 tax deferred retirement savings program <br /> through the ICMA. This plan is available to eligible employees who wish to <br /> _ supplement future retirement income. The plan allows employees to put aside a <br /> portion of their earnings, up to the current federal limit, each pay period into an <br /> account for their retirement and reduce the amount of earnings that is currently <br /> taxable. The Human Resources Department administers this program through the <br /> ICMA. <br /> 4) Voluntary ICMA Roth IRA Plan <br /> The City offers a voluntary Roth IRA plan. This plan is available to eligible <br /> employees who wish to supplement future retirement income. The plan allows <br /> employees to put aside a portion of their earnings, up to the current federal limit, <br /> each pay period into an account for their retirement. The Human Resources <br /> Department administers this program through the ICMA. <br /> RETIREE HEALTH INSURANCE: <br /> 1) Eligibility: <br /> a. Eligible full-time employees of the City that are participants in the City's <br /> Health Insurance plans (the Plan) at the time of their retirement shall be <br /> afforded the option of continuing to participate in the Plan(s) as. a <br /> Retiree. A"Retiree" is defined as an employee who voluntarily withdraws <br /> from one's position and qualifies as a retiree under Section 112.0801(2), <br /> Florida Statutes. The Retiree and any eligible dependent(s) may <br /> continue participation under the Plan(s) effective the first day of the <br /> subsequent month following the employee's separation of service. <br /> Retirees can elect to continue coverage only for dependents that are <br /> enrolled in the Plan(s) or elect to remove the dependents. <br /> b. The benefits continued under retiree coverage include the same health, <br /> prescription, vision and dental coverage that the employee received as <br /> an active participant in the Plan. <br /> 2) Procedure: <br /> a. Upon retirement, the Human Resources Department will notify the <br /> employee of the option to continue the health benefits. Employees <br /> wishing to continue coverage as a Retiree must elect the coverage <br /> CODING:Words stricken are deletions,words underlined are additions. <br /> 503-1 Retirement Benefits Page 3 of 6 <br />