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• B. The City will pay the premiums on a disability insurance <br />policy from a mutually acceptable insurer, sufficient to provide <br />the Manager with a monthly payment of $700 in the event of his <br />disability. <br />C. In lieu of the group life insurance provided to other City <br />employees, the City will pay the premiums on an "extraordinary <br />term" life insurance policy from a mutually acceptable insurer, <br />insuring the Manager's life in the face amount of $120,000. The <br />Manager may designate such person or persons as he chooses to be <br />the beneficiaries of this policy. Any accumulated cash surrender <br />value of this policy shall become the property of the Manager. <br />SECTION 13. RETIREMENT BENEFITS <br />City Council has executed the necessary agreements provided by <br />the International City Management Association - Retirement <br />Corporation (ICMA-RC) for the Manager's participation in the <br />ICMA-RC retirement plan. The City has paid and will.continue to <br />pay an amount equal to nine percent of the Manager's base salary <br />into the ICMA-RC on his behalf, in equal proportionate amounts for <br />each monthly pay period, and agrees that it will transfer ownership <br />to succeeding employers upon his resignation or discharge. This <br />payment is in lieu of any benefit under the City's Supplemental <br />• Retirement Plan, and the Manager expressly waives all rights to <br />participate in that plan. <br />SECTION 14. PROFESSIONAL ORGANIZATIONS <br />City Council agrees to appropriate the required funds to pay <br />for the professional dues necessary for the Manager's continuation <br />and full participation in national, regional, state and local <br />associations and organizations necessary and desirable for his <br />continued professional participation, growth and advancement, and <br />for the good of the City. <br />SECTION 15. TRAVEL BENEFITS <br />A. City Council hereby agrees to appropriate funds for the <br />travel and subsistence expenses of the Manager for travel to <br />meetings and occasions adequate to continue his professional <br />development, or to pursue necessary official functions for the <br />City, including but not limited to the annual conferences of the <br />International City Management Association, the National League of <br />Cities and the Virginia Municipal League, and state or regional <br />chapters or committees thereof. City Council also agrees that the <br />City will pay the reasonable travel and subsistence expenses of the <br />Manager's wife to attend the annual conference of the International <br />City Management Association. <br />• <br />Page 5 <br />