City Council Study Session Agenda and Packet 2017 05 09

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Paid Leave Bank (PLB) A Paid Leave Bank (PLB) is established to provide for paid time away from scheduled work for vacation time, sick days, holiday observances, personal business, and for the first forty hours (40) hours of scheduled working hours of FMLA. Excluded from the requirements of using the PLB are time away from work due to the use of Civil Leave, Military Leave, Bereavement Leave, Voting Time and Injury Leave. Separate policies cover absences for those reasons. New employees are allowed to use 40 hours prior to accrual within the first six (6) months of employment from date of hire. Paid Leave Bank Accrual: Years of Service TIER 1 TIER 2 AerPay Pa pPeriod Annual Accrual Maximum Accrual A er Pa I Period Annual Accrual Maximum Accrual 0 - 3 yrs. 8.31 216.06 324.09 7.27 189.02 283.53 3 - 5 yrs. 8.93 232.18 348.27 7.81 203.06 304.59 5 - 10 yrs. 9.85 256.10 384.15 8.62 224.12 336.18 10 - 15 yrs. 10.46 271.96 407.94 9.15 237.90 356.85 15 + yrs. 11.39 296.14 444.21 9.97 259.22 388.83 Compensatory Time • Non-exempt: Employees who are non-exempt as defined by the provisions of the FLSA may elect to accrue compensatory time, in lieu of paid overtime, at a rate of one and one-half (1.5) hours for each hour worked over 40 hours in a one-week period, subject to the approval of the immediate supervisor and the Department Director. • Exempt: Exempt employees may earn compensatory time on an hour for hour basis. Retirement Plans: International City Management Association's -Retirement Corporation (ICMA-RC) • 401(a): Mandatory plan administered by ICMA-RC. The Section 401(a) Money Purchase Plan requires that you contribute 5.0% of your salary toward your retirement each pay period. The City of Louisville contributes 5.5% of your salary. Under current law, your contributions are free of federal and state taxes. • Section 457 Deferred Compensation Plan: Voluntary plan administered by ICMA-RC. It is tax- sheltered, supplemental retirement/pension plan that allows employees to defer up to the annual maximum as defined by the IRS (IRS sets maximum annually) per year or a maximum of 100% of their pre -deferral taxable income, or whichever is less. • Roth IRA Plan: Voluntary plan administered by ICMA-RC. It is a savings vehicle with tax advantages to complement your other employer retirement plan(s). The IRA has lower contribution limits, flexible withdrawal rules and the earnings may be tax free if you've held the IRA for more than 5 years and are over age 59 1/2. To participate in the City of Louisville Retirement Plans, you must be at least eighteen years old and be a benefited part-time or full-time employee. You may obtain information and enrollment forms from the Human Resources staff. Supplemental Legal Services: LegalShield LegalShield offers valuable legal services for you and your family with access to a wide variety of legal services through a top quality law firm. Membership in this plan also includes unlimited document review, a will and an annual will update. Membership is $15.95/month paid through the convenience of payroll deduction. You may obtain information and enrollment forms from the Human Resources staff. Supplemental Life & Accident Insurance: Colonial Life Colonial Life offers insurance coverages to supplement your City of Louisville provided coverage to help fill the gaps and provide financial security for you and your family. Coverages offered include: Group Accident Insurance, Group Critical Illness Insurance, and Whole Life Insurance with Long Term Care Riders. 11