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268884 , WH17E - CITV CLERK �� COUIIClI ��� �p PINK - FINANCE � G I TY OF SA I NT PAiT L �'��'' �C1' CANARV - DEPARTMENT J�D�� � BLUE - MAYOR �, Flle NO• F ` �'�,� � � ' Counc ' esolution . Presented By � Referred To ; Committee: Date Out of Committee B�y Date WHffitB�AS, h.'he Minne�cta l�i�na1 Life Insurance Cc�par�r insares the lives of the dependents of e�npl,oyees cf the City of Saint Pa,ul vnde�r their Policy No. 2881-G and� I i WHffitSAS, (Phe Minnese►ta Matum.t Li�'e InsuranCe Co� by a letter dated February 25, 1977, � oapy af which is attaehed. hereto and incorporQted. herein 'by reference, indieate� that the experienae under the aPore-mentioaed �up life i�r�surance policy ha.s resultedl in a ciivi.dend account b�lance in the a�unt of $98,trj2.42 and, WH�AS, �e Minnesota I�,itvaa.7. Life Insurance Co�mpar�r in �aid lett�r �nakes a recon�o.endation thatt the City Council �uthorize 'by resolution that this amount be paid proportionately to ese persons under said grcup who were p�e�iuffi pa.y3.ng in�vred.s oa pa Dece�mber 31, 1976 a�id �rho had been contin�ousrl�r insured f�r six a�nths prior to Decembe�r 31, 1976, Isaid proportion to be apprcximately T9�r oP the anaual p�e�aitan paid by said eligible e�l,ayee; now, therefore BE IT RB910LV&D, The Minnesota Mutual Life Insurance Co�pa�y ie hereby author- ized to distribute �to such eligible ea2ployees a di�r3dend rep�esenting 79°b of the pre�ai.� paid; and ' EE IT FIl�ALLY R&SOLYED, That the City Clerk be directed to prepax�e a certif'ied copy of this resolutian and deliver the same to the Minnesota Mutusl Life Inst�rance Co�arqr as eoon as icomrenient�y possible. � COUNCILMEN Yeas Nays Requested by Department of: I Butler Hozza ' [n Favor Hunt I Levine � __ Against BY Roedler Sylvester Tedesco �� j ��t Fo Approved y Cit Att rney Adopted b uncil: t� ' � Cert ed Passe ounci SeQretary. BY y Approved yor. Date �$ �9n p►PPro d by Mayor for Submissi n to Council � By BY ' QUBLISHED APR 1 C 197? I � � Nts �� ��' `�'�"'���`�;;� . , �` .. • . � `��v AL �' THE MINNESOTA MUTUAL LIFE INSURANCE COMPANY 345 Cedar Street, Saint Paul, Minnesota SS101 • Telephorce 298-3500 Area 612 February 25, 1977 Mr. Thomas Gleason Director of Personnel City of St. Paul City Hall St. Paul, Minnesota 55102 CITY OF ST. PAUL ' DEPENDENTS CROUP LIFE INSURANCE PLAN POLICY N0. 2881-G Dear Mr. Gle�a.son: The dividend on this plan for the January 1, 1976 to January 1, 1977 policy year is $97,533.00. The premium paid for the policy year was $133,588.00. Incurred claims are $19,000.00, and a listing of these claims is enclosed. . A conversion charge of $60.00 per $1,000.00 of insurance is charged for dependents who convert their insurance to individual policies issued by Minnesota Mutual. In the policy year, 17 dependents converted a total of $39,000.00 of insurance, and the conversion charge is $2,340.00. A list of these conversions is enclosed. The following table shows the total dividends available for distribution on January 1, 1977: Balance at interest January 1, 1976 $ 503.76 Interest to January 1, 1977 at 7y 35.26 Dividend earaed January 1, 1977 97,533.00 Total dividend Janua.ry 1, 1977 $98,072.02 We recommend that these dividends be paid in cash to those employees who were --- in.s_u�e�Qn_ DecP±±±t±p,-31, 1976 -and w�a r�e�e also �ns���-�►�-3u1}� 1, 1976. The dividend would be a percentage of each eligible employee's annual premi�. We are in the process of determining the exact percentage cash dividend to be paid. This percentage will be approxima.tely 75%. . ;�'����,�;'� , .. A4r• Thomas Gleason Director of Personnel City of St. Paul February 25, 1977 -2- Mr. Gleason, I hope that this recommendation is satisfactory to the City. In order to distribute the dividend to the eligible employees, we will need a resolution from the Citq Cotmcil. Distribution of the dividend checks can begin just as soon as we receive that resolution. Sincerely, �� � Robert Olafson Senior Actuaxial Assistant RO/j r Enc. T � . �-��,�?,�-�,`�`� ,, CLAIMS REPORT POLICY N0. 2881-G - DEPENDENTS JANUARY 1, 1976 TO JANUARY 1, 1977 DEATH N� DATE OF DEATH AMOUNT Denbleyker, Corrine N. ✓ 11-30-76 $ 3,000.00 Warnest, Lois M. �/ 12-16-76 8,000.00 Sieland, Bernhard +� 04-11-76 3,000.00 Erickson, Sever .� 06-26-76 1,000.00 Peterson, Norma G. 07-09-76 3,000.00 Bednar, Valerie / 09-02-76 1,000.00 TOTAL $19,000.00 CONVERSION REPORT N� EFFECTIVE DATE AMOUNT Meeker, Irene E. 01-01-76 $ 2,000.00 Williams, Faye L. 10-01-75 2,000.00 Williams, Kim J. 10-01-75 1,000.00 Williams, Jill R. 10-01-75 1,000.00 Stevens, Evelyn J. 02-01-76 1,000.00 Frazier, Mary 05-01-76 1,000.00 Gozine, Dorothy D. 06-01-76 3,000.00 Sutton, Marie F. 07-01-76 3,000.00 Olhson, Pearl I. 07-02-76 3,000.00 Stiles, Dorothy M. 08-01-76 1,000.00 Fischer, Ma.rtin J. 09-01-76 1,000.00 Tierney, John C. 08-01-76 3,000.00 Oczak, Bernard A. 10-02-76 3,Q00.00 McEvoy, Frank R. 10-01-76 3,000.00 Stearns, Shirley Ann 11-01-76 8,OOQ.Of9- - Harris, Floris B. 12-02-76 1,000.00.. Forsberg, Lillian E. OS-02-76 2,OOO.DO TOTAL $39,000.00