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30 Local 21/SLCEA Memorandum of Understanding January 1, 2022 – December 31, 2024 and retired on or after January 1, 1987. Any increases in dental plan costs during the term of this Agreement shall be split equally between the City and the retired employee. Coverage under this section shall continue until the employee’s 65th birthday; except for the CalPERS Medical Plan “Minimum Employer Contribution” retiree health contribution, which shall continue for life. Section 31. Life Insurance The City shall maintain in effect employer paid Term Life Insurance with an AD&D benefit in the amount of fifty thousand dollars ($50,000.00). 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 32. Long Term Disability Insurance The City shall maintain in effect an employer paid long term disability insurance program with a benefit percentage of sixty-six and two-thirds percent (66 2/3%) of base monthly earnings with a maximum gross monthly benefit of six thousand dollars ($6,000.00). 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, subject to the rules, regulations, enrollment requirements and exclusions set forth by the insurance carrier. The increased benefit percentage will be effective May 1, 2022, upon carrier implementation. Section 33. 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 34. Retirement Plan - Three-tier System The City shall, for full-time and qualifying part-time staff, contribute to the California Public Employees' Retirement System (CalPERS) each pay period a portion of the employees’ contribution rate as established by law, equal to that percentage of the employees’ "compensation" as that term is administered by the Board of Administration of CalPERS, for the purpose of computing final compensation. Such contributions shall be reported to CalPERS as follows: 34.1 Tier One: Employees hired prior to May 6, 2010, the City shall maintain a contract with CalPERS for the provision of a 2.5% @ 55 (highest 12 months) retirement benefit formula.