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,
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pUB�ISHE� �APR 8 1976 �
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� � 01l.W�s 1�/1975
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B�!3�ANTI4�T: OP A�i'��
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. F�: Par4onmal @F,�i�et
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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
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TxTAC�NT'S•
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Pr�pos� $e�o].ution � .
t�o�r o= I�esots �t�a7. I�it'� ?.�s�rauce Letter dstad. 3-9 78
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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� �������
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�. 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.