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227980 , ^ 9�0 ORIGINAL TO CITY GLERK� • J� _ -�'-'� _ CITY OF ST. PAUL couNCi� �' ' � . OFFICE OF THE CITY CLERK FILE NO. _ ; C UNCIL RESOLUTION—GENERAL FORM • PRESENTED BY COMMISSIONE DATF RESOLVED� That the Council of the City of Saint Paul hereby authorizes� for those employees of the City of saint Paul who wish to subscribe to the same, a flexible premium��annuity plan with The Minnesota Mutual Life Insurance Company of Saint Paul� copy of which proposed plan has been marked "Exhibit B" , is attached hereto and incorporated herein by reference, whereby premiums which are to be paid by the employee may be paid to the said ingurance company through authorized payroll deductions by the employee, the availability for such program to be ����roix;h the Ochs Insurance Agency; be it FITRTHER RESOLVED� That the proper city officers are hereby authorized to make the necessary payroll deductions upon receipt of an authorization by employees desiring such coverage; and be it FINALLY RESOLVED That the City Clerk is directed to send copies of this Resolu�ion to the Ochs Agency and to The Minnesota Mut�zal Life Insurance Company of� �Saint paul. � �w �ORM APPROVED . __ �l �� �� f����. Corporation Counsel APR 5196�6 COUNCILIvIEN Adopted by the Council I9— Yeas Nays Dalglish qpR 519G� Holland Approved 19_ Loss -� Tn Favor � � � Meredith .�n,.c+Ferso$— � d�0�gl� MsyOr . Q gainst �1i� �-�°� +-�L�' . �. Presidenc, ��--�— ��7� PUBLISHED APR 9 1966 n � . � � r ' ' � � . ' . � ' . •' ' • , �� � i �� , ; � ' ' 9�0 EXTRA RETII�IENT BEPI�r��i FOR F3�'IAYEES OF '1'HE C1�Y' OF.ST. .PAUL � A NEW PLAN SPEC]:FSCALLY DF,SIGNED FOR YOU--- - Check these qual.ity features - � 1. Flexible Premiiuns. You may contribute any part of your salary you wish, . subject only to a mini.mtun contribution of $10 per month or �120 per yeax. 2. Ontional Settlements. You may choose a monthly incom� for life startin� ' at any time between age 55 and 75. Several optional forms of i.ncome are , � available. 3. Termination Benefits. You may suxrender your policy for its cash value at any time. Or, if you prefer, you ma,y take a paid-up income to begin at a t�,iture date. • �+. Death Benefits. If you clie before yotiar income begins, youx beneficiary will be pa.id the total of all premiums paid or the cash value of your policy, whichever is greater. 5. .Dividends. Your contributions t�rill eaxn interest at rates g-uaxanteed in your policy. Tn addition, a.ny excess i.nterest - at rates declared annually by the Insurer - help to increase your bene�'its. . HOW THE PLAN WORK�S - Your employer ha,s made axrangements with Minnesota I�futua,l Li.fe of St. Paul for a unique, fle:�ible premium annuity plan specially designed for your needs. Sa�ings resul-ting from group marketing and administrative procedures ha.ve been � , passed on to you in the �'orm of very attractive benefits for low cost. And your premium payments ma,y be ma,de by convenient payroll deductions. In the pa,st, retirement annuity policies issued by insurance campa.nies have had a fixed premium payable each� yeax. But under tnis NEW�plan, you ca.n increase , , or decrease yowr premiums each yeax at ,your option. For instance, this year you may ��ish to have .�'¢�0 a month deposited for your retirement, but next year you may �azsh to increase the amount to �50 or perhaps reduce it to �30 per �onth. This may be done simply by axranging with your employer for a change in the payroll deduction. EXHIBIT B � .i < -.� � , . ' A B�RIEF' DESG`R]�TION OF TI� POLICY - , Flexible Premium Annuit.y Polic.y - This is a retirement annuity policy under � which you may make deposits i.n varying amounts from year to yeax with full flexibiZity (subject to a minimum of �10 per month or �120 per Jear). Accumulation of Pre�.niums. Your pre�nzums axe deposited in an interest-beaxing account �.t a guaranteed rate of interest. These guaxa.nteed interest rates are ' �+� durin� the first five policy yea.rs, 3-3��+� during the sixth through tenth policy years, 3-l�� during the eleventh through fifteenth, 3-l���O during the sixteenth through twentieth and 3�O thereafter. These rates are a "guaxanteed base" or flooro If economic conditions permit� the inter.est rates actually � paid to your account will be greater. • Cash Value. You may withdrata from the plan at a.ny ti.me a.nd receive the sur- . render value of your coverage in cash. ' The cash value will equal the net premiums paid (total premiums less expenses) plus interest. You may decide �o receive your cash value in a lump sum or as a monthly income under the settlement options in youx policy. , � Death Benefit. In the event of your death before retirement, the death benefit is equal to the return of a.11 premiums pa,id, or the cash value of your policy, ��hichever is greater. Your beneficiary may apply the death benefits under the � settlement options i.nstead of takirig a lump sum. � Dividends. Dividend.s, if any, as declaxed by Ati.nnesota Mutua,l Life, wi11 be added to your account. Settle�ent Options. Settlement options availabl.e under the pol•3.cy include Life Annuity, Life Annuity with 10 Yeaxs Certain, Life An.nuity with 20 Years Certain, Joint Life and Two-Thirds to Survivor Annuity, payments in equal instalments for a specuied period and payments in i.n.stalments of a specified amount. Pro- ceeds may also be left at interest. These options are all explained in your policy. Of course, if more �avorable settlement options become ava,ilable, th�y'11 be offered to you arid your beneficiaxy. , • Guarantees. Although r�tixinesota Mutual Li.fe ma,y cha.nge gu,arantees in the future, your policy contains important safegu,axds to protect you against an unfavorable ch�,nge. 2f such a change is made, you ma.y cont inue to deposit for your retire- . ment, under the orig3.na1 guarantees, an annual amount up to (a) the premium you paid during the polic3r year before the da,te of the change, or (b) the average ' amount of premium you paid during all policy yeaxs 'before the date of the change. d _�_ .� . . f . . , � �, � . � '� � • F , - . TO HELP YOU E TIMAT S a The following tables illustrate the monthly life income payable at age 65 - with 120 monthly payments guaranteed - when $10 a month is deposited from age at entry to age 65. (For incomes from contributions greater than $10 per month, just mul- tiply by the number of 9�10 units.) Table 1 - Monthly Income at Age 65 - Nfales � Including Dividends at , � At 3ncluding Current Scale and Age at Guaranteed- Dividends at Assuming Continuance of En� Rates Current Scale* Present Rates* 25 $54.23 $66.41 �73.99 �3o r43•59 51•47 5?•35 35 34.42 r39.19 43.67 "40 26.51 29.10 32.43 45 20.26 • 21.42 23.19 50 14.39 14.79 15•59 _ 55 8•9$ 9.06 9.35 60 � 4.22 4.22 4.22 � Table 2 - Monthly Income at Age 65 - Females 25 �48.83 , �59.80 �67.27 30 39.26 �+6.35 52.14 35 31.� 35•29 39.70 40 23.87 26.21 29.48 45 i8.27 19.32 21.08 50 13.03 13.40 14.18 . 55 8.13 8.21 8.50 60 3.83 . 3.83 3•83 Table 3 - Accumulated Cash Benefits , Total At Includin� Years of Contributions Guaranteed Dividends at Participation Made Rates Current Scale* 5 � 600 $ 617.45 � 617.45 io 1,200 1,355•80 1,368.70 15 1,800 2,219.97 2,282.70 20 2,400 3,210.86 ' 3,394.71 25 3,� 4,324•3$ 4�747•65 30 3,600 5,615.26 6,393•70 . 35 4,200 7,111.72 $,396.38 40 4,800 8,846.53 10,832.95 * These illustrations are neither guarantees or estimates and are offered solely to show the results if Minnesota Mutual Life's present dividend scale and settlement option rates remain unchanged. - -3- .,��. . ...�, ' , • �� . . : HOW DO I J03N TF� PLATT? � l. Complete the authorization for payroll deduction. 2. Complete the application for the policy. � 3. Give both forms to a representative of the servicing agency. �+. Youx policy will be delivered to you just as soon as �your application ha.s. been processed. No medical examination is needed. Your servicing a,gency --- ' Harry R. Ochs Agency, �nc. • 3�-5 Cedar- Street St. Pau1,�Minnesota 55101 ' 22�+-55�+ � , Your insurance company --- The Minnesota P�Zutual Life Inslarance Compa�y St. Paul, Minnesota d • . � 0 ��.�.� � .�r ' .. _ - .- . _ ' .� . - - . . _ -. - • y ,.. , r . _ �;_ ._ ^ - ; . — _ .�- , �- � f �.,', . � _ ' ` • J_ , ^r _ - - - ' _ ` ' . ' . ' _ _ - _ r � � • � - ': ' ., - � .- ' _ -' ' - .. � , ' . . _ - ._ . - • `�t ` ♦ • ~' • • - � • � •- K � _ " - + _ � � _ � � � ' •• , �• J •. _ - ' • � ... /�" _ . . _ _ ' _ . �. �' _ . � . 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' w � _ ` � ` - ' , 4 ` .. . - � 4 _ " '_ , . 1060 �7� RO��lawn A've': - : � , . - . - - + � ` ' ' r �. , S�t. l�ul; �kf:ime�ot� . � _ _ ' � ; . . . - �� - . .� - . :� - - • - - - - - �- ` " _� (�ntlemen s, � � . � � . . � � �. - � . � = _ � = - . _ - - � • - -- The CY�y� Council directed l.bsed �� 'of-� , y , . ` � . r�a a�a tn send t nQ py , . r�ro].ution,� Cauncil File� No�'227980, toc�qD, w3.th refe.r�ncb `� � � � ' . -. to a tlexit�le. ��aium a►nnui ' or c t �p1o�►�is� � more i'�i3.l:y - � ' '- _ � .. : . - d��cribad tharein.,. _ , .. " ���\ '' , , . �. . } .. . _ " X. � • .. ? i � .. '_ . -- ,- _ -. : -, � '_ �. , � . _� � ql�lY'3► tY''t,l� 3/OLIY`�!!� � . � .. r . . . ' _ ' _ . . ; ._ , . a_ - - _ .-� . � - ,�- t` - " • . . . . -- , - : , .. - ."_� - City_ �Y].erk � � - , � `'� -_', ' ' _ - ng- ° - - `� _- `� , � - ' , ', _ _- _ -. , - � . `�_�- �` ��, , : • ; - ' � � - , ' _ ' - _� : ° - � _ '� �- - - � � . 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