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10 (Years of Service x 4%) x City's Contribution = Retiree's Monthly Benefit. For example, in 2022-2023 the City's contribution for employee plus one rate of the lowest cost HMO was $1,508.36. A retiree with 15 years of service would receive a monthly benefit of $905.02 (15 x 4% = 60%) (60% x $1,508.36 = $905.02) 4. Reimbursement for non -City Plans In the event a retiree obtains medical coverage through a plan not offered through the City of Pleasanton, the City will reimburse the retiree up to the amount outlined in Section 16.2.C.3 but no more than the amount paid by the retiree. Retirees must supply proof of coverage and proof of payment in order to be reimbursed. 5. Benefits for Medicare Eligible Retirees All retirees eligible for Medicare are required to apply for Medicare benefits. Upon qualifying for and receiving parts A and B of Medicare, the City shall not be obligated to contribute an amount in excess of the monthly premium for the lowest cost HMO health plan supplement to Medicare for employee and one dependent coverage (two- party rate). Vesting Schedule for Employees Hired On Or After July 1, 2012 1. Service Retirement For all employees who are hired on or after July 1, 2012 and retire from service, the City shall provide the following benefit: The City shall pay for each year of service equivalent to four percent (4%) of the City's contribution toward the monthly premium for single coverage. 2. Disability Retirement For all employees who retire due to disability, the City shall pay a percentage of the City's contribution toward the monthly premium for single coverage for the lowest cost HMO plan in accordance with the schedule set forth below: Years of Service City's Contribution 10 20% 11 25% 12 30% 13 35% 14 40% 15 45% 16 48% 17 51% 18 54%