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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 ' ; �