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270805 WH17E — CiTV CLERK COUI1C11 � d/�.(1�g�� PINK — FINANCE = GITY OF SAINT PAUL � � CANARY — DEPARTMENT�J�D��lil File NO. BLUE — MAVOR Council Resolution Presented By ��`�t_ Referred To Committee: Date Out of Committee By Date WHF�tF�iS, The Minnesota Mutual. I,ife Insvrance Ccmpar�,y insures the lives of the depend�nnts of �mployees of the City of Saint Paul under their Pblicy l�o. 2881-G and, ffiIItEAS, The Minneso�a Mutual Life Insurance Coa�pany by a letter dated March 9, 1978, a copy of which is attached hereto and incorporated. herein by reference, indicates that the experience under the afore-mentioned. group life inswrance policy has resulted. in a dividend account b�,lanee in the amount of $57,327.00 and, WI�iffitEAS, The Minnesota Mu.tual Life Insurance Company in said letter makes a reco�encla�tion tha,t the City Covncil authorize by resolution that this amount be paid proportionately to these persons under said group xho were premitun paying insureds on December 31, 1977 and who had been eontinuously i.nsured for six months prior to December 31, 19?7, said proportion to be appro�.ma.tely �+0� of the a,nnval premium paid by said eligible employee; now, thereYore BE lfi RFSOLVED, The Minnesota 1Kutual Life Inaurance Cc�mpa�y i� here'by author- ized. ta di$tribute to such eligible e�ployees a d3.vidend representing approximately 40°,� of the pre�aium paid; and BE I`P FIlQALI,Y RPSOLYED, That the City Clerk be direeted to prepare a certifiea. copy of this resolution and deliver the �aa+ne to the Minnesota l++�xtual. Life Insur�nce Company as soon as eonveniently possible. COUNCIL17EN Requested by Department of: Yeas Nay�s Butler Hozza In Favor Hunt � Levine _ Against BY Roedler Sylvester Tedesco �� � � �978 Form Appro ed by i At!orney Adopted by C� cil: Date � ; � ` Certif . Passed ouncil Secretar� BY y, ��.r App o d by Mayor: at ` APR 3 �9]8 Appr ve b Mayor for Sub is � to Council _ � BY BY, �-� pUB�ISHE� �APR 8 1976 � . _ ��� ' � � 01l.W�s 1�/1975 � it�v,: 9/8l16 B�!3�ANTI4�T: OP A�i'�� - R88QL� � �B C��' ; , � �� �ata� 3-1A-78 : V �►V � ��,�,��._. � ti g 1918 �: TO a MAY08 GE�It+GE LA M�� ' . F�: Par4onmal @F,�i�et �: xeeolux�.on �or +�u �cm ta G�.Cg Cmut�+C�:1 AC'�"��N �E"iQU$�l4�T$]�g Wa rac�_yau►x app�oval aad aubm�s�#Aa of, thi4 �ssalux#,c� �a t�s� C�.ty Couuc�.l. P � , F TH�B ACTIWAt: ' To �horis�e t.he l�esota Kutva]. I�ife In�nra�ca t� �jr di.�ride�ds to �.lmy+�es �o pwrcmasai da�e�iant 1if� 3nsara�ce A • TxTAC�NT'S• �„�� � ,� �� i � Pr�pos� $e�o].ution � . t�o�r o= I�esots �t�a7. I�it'� ?.�s�rauce Letter dstad. 3-9 78 -- _ - -- __ _-- _ _ _. - --- _ _ _ �` ��► . • �'���j�i4�i��� , ; � �� ., .. At �'� THE MINNESOTA MUTUAL LIFE INSURANCE COMPANY 345 Cedar Street, Saint Paul, Minnesota 55101 • Telephone 298-3500 Area 612 March 9, 1978 Mr. Thomas Gleason Director of Personnel City of St. Paul 265 City Hall St. Paul, Minnesota 55102 CITY OF ST. PAUL DEPENDENTS GROUP LIFE INSURANCE PLAN POLICY N0. 2881-G Dear Mr. Gleason: T'he dividend on this plan for the January 1, 1977 to January 1, 1978 policy year is $57,327. The premium paid for the policy year was $134,280. Incurred claims were $61,000, and a listing of those claims is enclosed. A conversion charge of $60 per $1,000 of insurance is charged for dependents who convert their insurance to individual policies issued by Minnesota Mutual. In the policy year, three dependents converted a total of $6,000 of insurance, and the conversion charge is $360. A list of those conversions is enclosed. The following table shows the total dividends available for distribution on January 1, 1978: � Balance at Interest January 1, 1977 $ 598.36 Interest to January 1, 1978 at 7% 41.88 Dividend Earned January 1, 1978 57,327.00 Total Dividend January 1, 1978 $57,967.24 We recommend that these dividends be paid in cash to those employees who were insured on December 31, 1977 and who were also insured on July 1, 1977. The dividend will be a percentage of each eligible employee's annual premium. In order to distribute the dividend to the eligible employees, we will need a reso- lution from the City Council. Distribution of the dividend checks can begin just as soon as we receive that resolution. If you have any questions about any of these numbers, please let me know. Sincerely, ����� � '� Robert Olafson ' Senior Actuarial Assistant ENC. �����o� ������� � . . � �� �. A� �,� THE MINNESOTA MUTUAL LIFE INSURANCE COMPANY 3�5 Cedar Street, Saint Paul, 1llinaesota 55101 • Telephone 298-3500 Area 612 March 9, 1978 Mr. Thomas Gleason Director of Personnel City of St. Paul 265 City Hall St. Paul, Minnesota 55102 CITY OF ST. PAUL DEPENDENTS GROUP LIFE INSURANCE PLAN POLICY N0. 2881-G Dear Mr. Gleason: The dividend on this plan for the Januaxy 1, 1977 to January 1, 1978 policy year is $57,327. The premium paid for the policy year was $134,280. Incurred claims were $61,000, and a listing of those claims is enclosed. A conversion charge of $60 per $1,000 of insurance is charged for dependents who convert their insurance to individual policies issued by Minnesota Mutual. In the policy year, three dependents converted a total of $6,000 of insurance, and the conversion charge is $360. A list of those conversions is enclosed. The following table shows the total dividends available for distribution on January 1, 1978: � Balance at Interest January 1, 1977 $ 598.36 Interest to January 1, 1978 at 7% 41.88 Dividend Earned January 1, 1978 57,327.00 Total Dividend January 1, 1978 $57,967.24 � ti9e recommend that these dividends be paid in cash to those employees who were insured on December 31, 1977 and who were also insured on July 1, 1977. The I dividend will be a percentage of each eligible employee's annual premium. In � order to distribute the dividend to the eligible employees, we will need a reso- i lution from the City Council. Distribution of the dividend checks can begin just � as soon as we receive that resolution. ' If you have any questions about any of these numbers, please let me know. Sincerely, � �'�� �.j � Robert Olafson . Senior Actuarial Assistant . ENC.