270200 WH17E - CITV CLEHK ���'�_•• �
PINK - FINANCE GITY OF SAINT PAL} L COUIICII , "�:��- �---
CANARV - DEPARTMENT�J.Devlin .
BLUE - MAVOR File NO.
t
C uncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
WHEEtEAS, 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
RFSOLVID, That the present life insurance contracts #1520-G anct #365379-G
between the Minnesota Mutual Life Insurance Company and the City of Saint Paul and Independent
School District �625 be continued, in their present entire forms, for the calendar year of
1q78, and be it
FURTHIIt RESOLVID, That the premi�as for said contracts for the year of 1978 are
to be as follows:
Optional F�ployee Pay Coverage - Rate Per $1,000
Elnployee under age 30 $ .20 Per N14nth
F�nployee age 3� - 39 � .30 Per l�nth
Employee age �+(? - �+9 .60 Per Nbnth
Em�ployee age 50 - 5�+ $ 1.10 Per Mc�nth
F�ployee a�e 55 - 59 � 1.6o Per Month
IInployee age 60 - 64 $ 2.40 Per Month
and be it
FURTHIIt RESOLVID, That in order to stabilize expe7cience and provide for a m�ore
consistent pattern of probable dividend returns, the Minnesota Mutual will continue to allocate
part of the gross dividend available, not exceeding 10°� of premitiun received in ax�y one year,
to a stabilization reserve on sueh optional insurance issued in excess of $15,000 until such
reserve reaches a level equal to 50°�0 of the current annual pre�niiun. Minnesota Mutual credits
interest to stabilization reserves, at a rate of 7°� annually for the year 1978, and be it
FINALLY RESOLVID, That the City Clerk be instructed to send a copy of this
resolution to the Minnesota Mutual Life Insurance Compar�y.
}
�
COUNCILMEN
Yeas Nay-s Requested by Department of:
Butler
Hozza [n Favor
Hunt ;�
Levine _ � __ Against BY
Roedler
Sylvester
Tedesco aEC 1 3 19� Form pprov by C t Attorney
Adopted by� unci : Date
Cer ied Pass by Cou cil Secre#ary BY �
S;�
Approved b � : or: Date Appr d by Mayor for Sub si tA�.Council
By
� BY
�usus�EO oEC 2 � �977
Do not detac�his memorandum from the
' resolution so that this informa#lon will be
available to the City Council� o�t �1 s 1�f I975
R�v.: 9�f������ .
,
EX�1TI13�T- 4� �S�tA�."I98`OR�►Bx.S : - _
R880L �ONB A'DT13 B�I S' �
�a�ss Nove�ber 30, 1977 R � . � � � � �
�`
N� ' U ��7''l ;
TO a 1�YOR G84�� L�A►�R . .
� . ��
�: Per���e�l0ff�.ca �
�E: �ae�lu�iou �'or �ub�siou xa C�.�y �oumc�l�
�
A�TII'!N �QtJ�ST�3A s
i�a xeca�m�aead Your +�pprav,� amd $ul�oui,�s3.en af. �hi� R�so�u�i.a� tcr �h� C�.E3� �uz�ci3..
P" � �ON�'.E �'OR THI �Q�1:
To rene� existing insurance contracts irith Minneaota Matual Li.fe Ins�rance � ,
Company Por 19�$
AT'��TS: _
n �,..�,� � .
Proposeci Council Resolution
.