(a) Each full-time employee of the Village, at his or her request, shall be provided with hospitalization, medical and dental insurance in either the Village's individual, employee-spouse, employee-child(ren) or family plan. Beginning in calendar year 2009, each full-time employee who requests coverage shall choose either the Village's high deductible health plan ("HDHP") or the Village's conventional health insurance plan.
(b) Beginning in calendar year 2009 and each calendar year thereafter, the Village shall contribute to the Health Savings Account ("HSA") of each employee choosing the Village's HDHP, an amount equal to eighty percent (80%) of the Village's health care insurance premium savings for that employee. The insurance premium savings shall be calculated by the Director of Finance annually, taking into consideration the Village's premium for a conventional health plan, the Village's premium for the HDHP, and the employee's single, employee-spouse, employee-child(ren) or family insurance plan coverage. Any change in an employee's health insurance coverage during the calendar year shall result in a recalculation of any contribution to an employee's HSA.
(c) The Mayor and Finance Director shall promulgate rules and regulations necessary for the implementation of a Village HSA program, including a schedule for Village payments, and they are hereby authorized to enter into an agreement with a third party administrator and other necessary partners, as approved by motion of the Council, as may be necessary to create, administer, and maintain a Village HSA program, in conformance with applicable regulatory requirements, which will permit eligible employees of the Village to contribute pre-tax dollars to a Village HSA.
(d) Employees participating in the HSA programs are responsible for ensuring that contributions to a Village HSA do not exceed maximum annual contribution limits. The Village is not responsible for any penalties, taxes, or expenses associated with an employee's HSA.
(e) Each full-time employee shall pay, via pre-tax payroll deduction or in some cases by check, a percentage of the cost of said insurance coverage and the Village will pay the balance. The Council shall by motion, from time to time, determine the percentage of the cost of said insurance coverage for which the employee will be responsible. The Mayor and Finance Director are authorized to maintain a Section 125 plan, in conformance with applicable Internal Revenue Code requirements, which will permit all eligible payments or deductions to be made on a pre-tax basis.
(f) The cost of a term life insurance policy ($20,000 face value) shall be paid by the Village for each full-time employee.
(Ord. 2019-12. Passed 11-12-19.)