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shall continue until the employees 65th birthday; except for the PERS Medical Plan "employer minimum share" retiree health contribution, which shall continue for life. Section 30. Life Insurance The City shall maintain in effect employer paid Term Life Insurance with an AD&D benefit in the amount of twenty thousand dollars ($20,000.00). The City shall make available for employees, the ability to purchase additional life insurance, at no cost to the City, subject to the requirements and rules of the insurance carrier. Such premium payments made by the employee purchasing any voluntary life insurance shall be made on an after tax basis. Section 31. Long Term Disability Insurance The City shall maintain in effect an employer paid long term disability insurance program with a benefit percentage of forty percent (40%) of base monthly earnings with a maximum gross monthly benefit of five thousand dollars ($5,000.00). The plan shall provide a six (6) month elimination period, benefits payable to age sixty-five (65) with two years "own" occupation and partial disability benefits. The City shall make available for employees, the ability to purchase additional long term disability insurance, at no cost to the City, subject to the rules, regulations, enrollment requirements and exclusions set forth by the insurance carrier. Section 32. Short Term Disability Insurance The City shall make available for employees, the ability to purchase voluntary short-term disability insurance, at no cost to the City, subject to the rules, regulations, enrollment requirements and exclusions set forth by the insurance carrier. Such premium payments made by the employee purchasing any voluntary short-term disability insurance shall be made on an after-tax basis. Section 33. Retirement Plan 33.1 The City's contract with the Public Employees Retirement System provides retirement benefits for the 2.5% @ 55 retirement formula. Such plan contains an after remarriage post survivor allowance continuance. Two-tier system: The CaIPERS Retirement Plan will be amended to provide the 2% @ 55 (highest 36 months) retirement formula to new employees hired following City Council approval of the Ca1PERS contract amendment and pursuant to Ca1PERS requirements. Such plan will contain anafter-remarriage post-survivor allowance continuance benefit. 33.2 The City shall continue to contract with the Public Employees' Retirement Systems to provide the credit for unused sick leave benefit (Section 20862.8). 33.3 The City shall continue to contract with the Public Employees' Retirement System to provide the Military Service Credit as Public Service (Section 21024) benefit option. 33.4 Effective January 1, 2006, the City shall contribute to the Public Employees' Retirement System (PERS) each pay period a portion of a new employee's contribution rate as established by law according to the following schedule: year 1 - 2%; year 2 - 4%; year 3 - 6%. Thereafter, the Employer Paid Member Contribution (EPMC) shall be equal to eight percent (8%) of the employee's "compensation" as that term is administered by the Board of Administration of 25