242459 ORIGINAL TO �ITY LBRK 24245�
. � � CITY OF ST. PAUL FOENCIL NO.
OFFICE OF THE CITY CLERK
U CIL RESO,I�TI N—GENERAL FORM
PRESENTED BY
COMMISSIONE DATF
WHEREAS, The Minnesota Mutual Life Insurance Company,
by letter dated February 17� ig6g, a copy of which is hereto
att ched and incorporated herein by reference, pertaining to
the Gity employe-pay dependentst group life insurance, policy
No. 2881-G, with said Gompany, has indicated that the experi-
enc under the aforesaid employe-pay group life coverage has
xes lted in a dividend account balance in the amount of
�22,989. 32; and
Wf�REAS, The Minnesota Mutual Life Insurance Company
in aid letter makes a recommendation� concurred in by the City�s
Hea th and Welfare and Insurance Gommittee, that the Gity Gouncil
aut orize by resolution that a portion of the aforesaid dividends
be left on deposit with The Minnesota Mutual Life Insurance
Com any to draw interest during the period from January 1,
196 through December 31, 1969, and that a portion thereof
equ 1 to 50 percent of the annual premium paid by each eligible
emp oyee during the past policy year, in the approximate amount
of 18,000.00, be paid to those persons under said group who
wer premium-paying insureds on December 31, 196s and who had
bee continuously insured for six months prior to December 31�
196 ; now� therefore, be it
`,. RESOLVED� That effective as of January 1, 1g69, the
� afo esaid 50 percent of the premiums paid by each such insured
� des ribed aforesaid, during the period from January 1, i968 to
�" �- Dec mber 31, i968, the total amount of all such refunds to
eli ible City employees being in the approximate amount of
1� �18�pU0.00� be paid to those employees described in the pre-
� � ced'ng paragraph of this Resolution, such distribt�tion to be
m mad by The Minnesota Mutual Life Insurance Company as soon
� C as onveniently possible ; and be it
, FINALLY RESOLVED, That the City Glerk be and he is
her by directed to prepare a certified copy of this Resolution
- and deliver the same to The Minnesota Mutual Life Insurance
Com any as soon as conveniently possible.
�IAR 51969
COUNCI MEN Adopted by the Council 19—
Yeas Nays � 51969
Carls n
Dalgl sh � Approved 19—
Mere ith Tn Favor
Peter on �
Spr u � Mayor
Tede co A gainst
Mr. Presiden , Byrne �[J��E1 �R g 1969
�o
�
`�,���'��
�� ���
' F� �, 242459
� ��
. � �� � _
THE MINNESOTA MUTUAL LIFE INSURANCE COMPANY
Victory quare • 345 Cedar Street, Saint Paul, Minnesota 55101 • Telephone 224-5544 Area 612 �
Feb uary 17, 1969 .
Mr. Robert Peterson, Chairman
Hea th and Welfare Committee •
Cit of Saint Paul
Sai t Paul� riinnesota
GRO P LIFE POLICY N0. 2881-G
CIT OF SAINT PAUL - DEPENDENTS
LIFE INSURANCE PLAN
Dea Mr. Peterson: �
The dividend for the policy year January 1, 1968 to January 1, 1969 is
$16 ?18.00. � The following table summarizes our calculation and a list
of he claims incurred is attached. �
Premium � $35�973
Claim Charges;
Death Claims $13�000
Conversions ($7�000) 420
Total 13�420 -
Expenses and Taxes 5,835
� Dividend $16,718
. ,
.
� '
Mr. Robert Peterson, Chairm�n - page 2
Feb uary 17, 19G9
The following table summarizes the dividens left at interest account. -
Balance January 1, 1968 $6,001.26 '
:�
Interest to January 1, 19b9 at 4�70 270.06
Dividend due January 1, 1969 16s718.00 ,
' Total dividend $22�989.32 •
We ecommend that a dividend �equal to 50% of each eligible employee's
ann al dependent premium be paid. The total of these dividends would be
app oximately $1.8,000.00 and this would le ave approximately $5�000.00 to
be eld at interest for dividends in future years.
It s also our suggestion that the cash dividend be paid only to those �
emp oyees who were insured on December 31, 1968. Last year the dividend
was also limited to only those employees who had also been continuously
ins red for the four month period preceeding D�cember 31, 1967. This was
a c ange from previous years because the policy period was less than the
no 1 twelve months. We, therefore, suggest that this year the qnali-
fic tion period be extended to the six months �receeding December 31, 1968.
� Ple se let us know if these suggestions are satisfactory to the City.
Sincerely,
�
_ � � �;,�=d-e�s��Lj
�
foha C. Goossen, Manager
Grou Policyholder Benefits
JCG: lb
..._.__.:.�. __.._.._,.._._.._.__:_..._.�_..._.._._�__.__..,____._....___---�----__------ ..._.� .._.__ __. .._.... .___..__ __._.._.._. . - . _ . _. .. - . _. ___... . . . _ r._.:_„
� .
� ' �
City o£ Saint Paul - Dependents
Policy No. 2881-G �
� Death Claims �
Name Date of Death Amount
Jo n E. Erickson 6- 6-68 $1,000
Ka herine A. Hammer 6-10-68 1,000 �
' Ro er A. Patrick 6-22-68 1�000
Ma garet Gallas 6-29-68 1,000
Wa ton Swanson 7•10-68 1�000
Ma reen Ryan 7-16-18 1,000
A1 ce Engelbreton ___5-28-68 1,000
� - - --_--_ __
;
L1 yd Andrist . 9-17-68 1,000
Ga y James Kunz 10- 8-68 1�000 �
1�Ia cella M. Literski 11- �2-68 1�000
Ve onica C. Posel 11- 8�68 1,000
Ri hard J. Flynn 11- 7-68 1�000
: Ca herine Gangl 12-27-68 1,000
; �
� To al
i $13,000
�
�
�
�
f '
;
�