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redirecting credits to a flexible spending account pursuant to IRC 125; or (3) cashing out credits at a rate of $0.35 on the dollar. The one -tier credit formula is based on the combined sum of Kaiser and VSP "employee only" premium, adjusted by the City, dollar- for - dollar for annual rate increases. Proof of other coverage from another carrier is required to waive the medical benefit. In the event that an individual employee loses his/her primary coverage, the City will allow the employee to re -roll in the City's health plans within thirty (30) days of receiving notice that primary coverage has been lost, thereby enabling the continuation of benefits to the employee. The balance of the cost incurred to provide medical, dental and vision care benefits for the employee and eligible dependents above the city's contribution will be paid by the employee on a pre -tax basis. Vision coverage may also be waived in order to receive credits in lieu of benefits and does not require coverage by the spouse or partner. In the event the amounts are insufficient to pay 100 %, the Employer shall make a payroll deduction from the employee's pay to cover the difference in cost. For the purpose of this Section, a dependent is defined as a person who satisfies the definition of dependent in the medical insurance plan in which the employee is enrolled. Such dependents must also be enrolled in and covered by the plan. The maximum contribution limits of medical reimbursement for the Section 125 Cafeteria program is $2,500 per year. The City of Pleasanton will take into account the employees' interests in supplemental insurance products, to the extent that these benefits can be offered within an IRC 125 Plan on a pre -tax basis. 16.2 Life Insurance Effective August 1, 2007, the City shall contribute an amount necessary to provide $50,000 life and $50,000 accidental death and dismemberment insurance coverage for each employee. Employees may also participate in the City of Pleasanton supplemental life insurance program at their own expense. 16.3 Vision Care A vision care plan will be provided as an option for employees and the cost of such coverage shall be included in the 125 Plan (see Section 15.1 D.). 16.4 Health and Medical Care - Retirees For all employees who retire from service after August 31, 1990, the City shall pay for each year of service, four percent (4 %) of the monthly premium for employee and one dependent of the City's current Kaiser Health Plan coverage. Effective August 31, 1990 for all employees who retire for disability after August 31, 1990 the City shall pay a percentage of the monthly premium for employee and one dependent of the City's current Kaiser Health Plan coverage in accordance with the schedule set forth below: Years of Service City's Contribution 10 20% 11 25% 12 30% 13 35% 14 40% 20