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266907 WHITE - CITY CLERK ��� �� PINK - FINANCE 2 GITY OF SAINT PAITL �� Council Q CANARY - DEPARTMENT �J�DpiYl;iii File NO. BLUE - MAVOR ` � ' Resolution Presented By Referred To ' Committee: Date Out of Committee By Date WIiffi28AS, The Minnesota Mutual Life Insuratace Company insurea the lives of es�ployees of the City oS Saint Paul under their Pbliey ATo. �653'T9-G and, WHIItBAS, The Minnesota Mutual Life Iasurance Compa�ny by a letter dated February 2Q, 1976, a copy �f which is s,ttached hereto and i,ricorporated here3.n by refer- ence, indicates the,t the eacperience und�r the afore-mentioned group life insuranee policy has reeulted in a dividend accourit balance in tlze a�unt of j$41,572.65 and, WI�t�AB;f The Miru�esota Mutuua,]. Life Insurance Company in eaid letter makes a recorrm�endation concurred by the City'� Health ax�d Welfare Insurance Advisory Cc��nittee that th� Eity Cour�cil authorize by resolution that thi� amc>mat be paid proportionate]y to tl�ose persons under said group who were paremium paying insureds on Dece�nber 31s 1915 and w�o had been coatinuoualy 9.nsured. for six m�o�ths prior t� Dece�ber 31, 1975, said propc�rtion to be approximately 38°� o£ the annua'� pre�ium paid by said e3igible e�ployee; now, therefore B� IT RE30LVED, The Minnesota I�tual Life Insuranae Company is hereby authorized tc� distribute to sueh eligible �nployees a dividend repre�er�t3ng 38�, of th� premium paid; and BE IT FINALLY RBSOL�, That the City Clerk be directed to pr�pare a certifYed copy of this resolution ax�d deliver the same to the Minnesot�a Mut�na]. Life Insurance Compar�y as sc�on aa conveniently possible. COUNCILMEIV Requ t Department o : Yeas Nays � ' Christensen v `� l�ez�w In Favor Levine Rcedler � Against BY Sylvester Tedesco President �t oZ.?.A Adopted by ncil: Date � 1 6 19T6 Fo m Appr ved by ity Attorney Certif' Pass d ouncil ecretary BY ' i B _��r— � App v by Mayor: D � � �'�`�� Approved y oi'fo o Council By By � Ptt�tts,'tt� MAR 2 019?6 . ��N EsO�. ����"�'� _ � . . W Gl ��� AL THE MINNESOTA MUTUAL UFE INSURANCE COMPANY ?�J; C��Icr .S1r�•el, Sainl Pr1tJ, :llinrlrsota �Sltll • 7�c�l�phunr _'�i,C-;�11�) flrrn �i/' February 20, 1976 Mr . Thomas Gleason Director of Personnel City of St. Paul City Hall St. Paul , Minnesota 55102 CITY OF ST. PAUL OPTIONAL PARTICIPATING GROUP LIFE INSURANCE PLAN POLICY N0. 365379-G Dear Mr. Gleason: The experience calculation for the January 1, 1975 to January 1 , 1976 policy year has been completed. The premiums paid by the City of St. Paul employees for this roup life insurance plan were $107 , 526. 10. The incurred claims are �37 , 750 , and a list of these claims is enclosed. A conversion charge covers excess mortality on employees who convert their insurance to individual policies issued by Minnesota Mutual. This conversion charge is $60 per $1, 000 of insurance converted. In the policy year, there were no employees converting their insurance, so there is no conversion charge. The following table shows the total dividends available for distribu- tion on January 1 , 1976 : Balance at interest January 1, 1975 $ 1, 623 . 04 Interest to January 1, 1976 at 7% 113 . 61 Dividends earned January 1, 1976 39 ,836 . 00 Total Dividends January 1, 1976 $41 , 572 .65 We recommend that these dividends be paid ir� cash to those e�ployees who were insured on December 31 , 1975 and who were also insured on July 1, 1975 . The dividend would be a percentage of each eligible employee ' s annual premium. We are in the process of determining the exact percentage cash dividend to be paid. The percentage should be about 35%, and we should be able to give you the exact figures soon. . ������ Mr. Thomas Gleason Director of Personnel City of St. Paul - 2 February 20, 1976 Mr. Gleason, I hope this recommendation is satisfactory to the City. In order to distribute the dividends to eligible employees , we will need a resolution by the City Council. In accordance with the August 30, 1974 letter from Mr . John Grantier, a stabilization reserve has been set up for this plan. The purpose of this reserve is to stabilize experience and provide for a more consistent pattern of probable dividend returns . Each year, a portion of the gross dividend available, not exceeding 10% of the premium received that year, will be allocated to this reserve until the reserve reaches a level equal to 50% of the current annual premium. Minnesota Mutual currently credits 7% annual interest to stabilization reserves . Effective January 1, 1976 , a stabilization reserve of $10, 753 has been established on your program. We appreciate the opportunity to be of service to the City on this insurance program. Do not hesitate to contact me if you have any questions about this letter. Sincerely, , :•,,r-.�_�� � �..•.:•�:�,�� -�. :� James E. Johnson Associate Actuary JEJ:kb Enc. w�- s �_,�* � a+x 3' ;� .a� a ��- . 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Da��: ltsrah 3, 1976 TQ; THOMAS J. KELLEX, CTTY ADMIN�STR.�;,T�R FR: Jt,�n Derlia - Pesso�ael �rp�rt�nt R E: '. Distribntioa of D3vid� AC'�'ION REQUESTED: Antl�oar3se �fi.a �utual tc► diatribnte di�rtdenda �1o�eas. . �1'.1R�QSE AND RAT�4�NAJ,�� �'4Ft THT�a ACTION: /lnstrea� r�t o! �esa�ta l�ntual. .A�T.�l,CHMENT S. . 1. Ce�nacil8e�lntiam 2. Lettaor tro� l�i,naescta l�iztual. A.PPRQVAL: 'Tharx�a� J. el,ley, i��r clmi,nis�ratpr , ...�