POST RETIREMENT BENEFITS
Life insurance in the amount of $2,500 is provided at no cost
to each qualified retiree. An optional $5,000 in life insurance
is available at the retiree's expense. Retired employees may keep
medical coverage as long as they continue to pay the health premium,
however, the decision to continue medical coverage must be made
upon retirement.
RETIREMENT
PLAN
Employees scheduled to work a minimum of 1000 hours per calendar
year are members of the Texas Municipal Retirement System (TMRS).
An employee contributes 7% of his/her gross pay, and the City
contributes 14% of the employee's gross pay to the employee's
fund. Qualified employees may retire at age 60 with at least five
years of service credit with TMRS or have 20 years of service
credit with TMRS, regardless of age. Refer to plan booklet for
details.
SCHOOL
CONFERENCE POLICY (City of Waco Policy BEN-7)
Employees with school-aged children may be granted one and one-half
hour with pay per child per semester for school conferences, provided
supervisory approval has been granted.
SICK
LEAVE (City of Waco Policy AVL-3.1)
Employees accrue sick leave with pay at a rate of one workday
for each month employed. Sick leave may be accumulated without
limit and carried forward from year to year. An employee, who
separates from the City after five years of continuous service,
is paid for accumulated sick leave, not to exceed 90 days.
Civil Service Employees are allowed sick leave with pay, accumulated
at the rate of 1.25 full working days for each month employed
in a calendar year, so as to total fifteen working days to an
employee's credit each twelve months.
SOCIAL SECURITY
The City participates in Social Security.
VACATION
(City of Waco Policy AVL-3)
Employees earn vacation leave at a rate of 10 workdays per year.
After five years of consecutive employment, full-time employees
earn 15 vacation days per year.
Civil Service Employees are entitled to earn a minimum of fifteen
working days vacation leave with pay each year. A maximum of 20
days can be carried over to the next calendar year for all employees.
An employee, who separates from employment with the City, is allowed
a maximum of 20 accrued vacation days to be paid out.
WORKERS'
COMPENSATION (City of Waco Policy BEN-4)
The City provides Workers' Compensation insurance or equivalent
benefits to employees for job related injuries and occupational
illnesses.
OPTIONAL BENEFITS
DEFERRED
COMPENSATION PLANS
Participation in Deferred Compensation is available for employees
who want to save additional money for retirement and not pay taxes
on the money until it is withdrawn at retirement. The City offers
three deferred compensation plans: Metlife, ICMA, and Nationwide.
DENTAL PLANS
The City offers voluntary dental plans. Quality Care Dental (QCD)
of America provides a dental/vision discount plan that employees
may choose to enroll in at no cost to the employee; employees
may choose dependent coverage at the employee's cost. SafeGuard
Dental provides indemnity dental insurance that employees may
choose to enroll in at the employee's cost.
CAFETERIA
PLAN
The Section 125 Cafeteria Plan allows employees to use pre-tax
dollars to pay for eligible expenses, which allows employees to
reduce income taxes and increase take-home pay. The plan includes:
health, vision, and dental premium sheltering, healthcare flexible
spending account, and dependent care flexible spending account.
Fiserv Health administers the City's flexible spending accounts.
SAVINGS BONDS
Employees may elect to have payroll deductions to purchase savings
bonds.
SHORT
TERM DISABILITY
Employees may choose to enroll in this benefit at the employee's
expense. This benefit begins on the 15th day following a non-occupational
accidental injury or non-occupational sickness, and it pays up
to 70% of an employee's weekly earnings, up to a maximum of $350,
less deductible sources of income. The minimum weekly benefit
is $25. The maximum period of payments is 26 weeks. This benefit
is provided through Prudential Insurance Company of America. Refer
to plan booklet for details.
VISION PLAN
The City offers a voluntary vision plan through Spectera Vision.
Employees may choose to enroll in this plan at the employee's
cost.
WACO FEDERAL CREDIT UNION
City of Waco employees can join the Waco Federal Credit Union.