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279299 WHITE - CITV CLERK �►y/'�,�`'��-�'"� PINK - FINANCE ' /Ql•lU\l CANARV - DEPARTMENT - J. Devlin GITY OF SAINT PALTL COUflCIl 1�._ f BLUE - MAVOR a �,��J File N 0. Co�ncil Resolution Presented By -p�'�/' Referre To Committee: Date Out of Committee By Date WHEREAS, the City of Saint Paul now provides Optional Life Insurance for its employees and employees of the Independent School District #625 at group rates through Minnesota Mutual Life Insurance Company of Saint Paul, now therefore be it RESOLVID, that the present life insurance contracts #1520-G and #365379-G between the Minnesota Mutual Life Insurance Company a,nd the City of Saint Paul and Independent School District �625 be continued., in their present entire forms, for the yeax, October 1, 1982 to September 30, 1g83, and be it FURTHF�2 RESOLVID, that the premiums for said contracts for said period are to be as follows: Optional Employee Pay Coverage - Rate Per $1,000 Employee under age 30 $ .20 Per I�nth Employee age 30 - 39 .30 Per Month Employee age �+o - 49 .60 Per MQnth Employee a,ge 50 - 54 1.10 Per Nlpnth Employee age 55 - 59 1.60 Per Month Employee age 60 - 6�+ 2.?+0 Per Month E�rrployee age 65 - 69 3.60 Per Month and be it F'URTHER RESOLVED, that the employee shall pay the premiums due through payroll deduction, and be it FURTHER RESOLVID, that in order to stabilize experience and provide for a more consistent pattern of probable dividend returns, the Minnesota Mutual will continue to allocate paxt of the gross dividend available, not exceeding 10°fo of premium received in any one year, to a stabilization reserve on such optional insurance issued in excess of $15,000 until such reserve reaches a level equal to 50°fo of the current annual premium. Minnesota Mutual credits interest to stabilization reserves, at a rate of 9� annually for the yeax 1982, and be it FINALLY RESOLVID, that the City Clerk be instructed to send a copy of this resolution to the Minnesota Mutual Life Insurance Company. COUNCILMEN Yeas Nays � Requested by Department of: Fletcher Levine [n Favor Masanz NiCOSia Scheibel _ � __ Against BY — ��^^ Wilson SEP 3 p i� Form proved b C' orne Adopted by Council: Date r, Certified P ;se by Council ec r BY By �- QCT 1 1982 Appr ve Mayor for Su ssi o uncil F1p d by 17avor: e — By -._.. — BY ��1$IISN�D 0 C i 9 1982 �� _;=`i�Ti�o,p4 CITY OF SAINT PAUL =�'` �► '-��`'�= OFFICE OF THE CITY CLERK ,o ,: "� 'riii�iii°i ,: ;.� „� BUREAU OF RECORDS '`o,, .... �.�� 386 City Hall,Saint Paul,Minnesota 55102 �"�mn..a..� 612-298-4231 GEORGE IATIMER MAYOR October 6, 1982 Minnesota Mutua� Life Insurance Co. 400 North Robert St. Paul, Minnesota 55101 Dear Sir/Madam: . Enclosed for your information is a copy of Resolution C.F. No. 279299 which approves the contract for life insurance gor C3ty employees and employees of the ISD �625 for the period Oct. 1, 1982 to Sept. 30, 1983. Very trnly yours, �!� � % �� Albert B. Olson �y City Clerk Enclesure sch ��