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. PayFlex Systems USA,
Inc., 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 United Healthcare
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.