212934ORIGINAL TO CITY CLERK q
PRES
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t ' CITY OF ST.
OFFICE OF THE C
COUNCIL RESOLUTION-
ncil File No. 212934 —By Severin
')rtinson-
1- •gas, In the mattei of 'the grc
j? ,ce program .now established
y ces of the Board of Educat
�,` ;ity. of Saint Paul in the teal
1W
Pit USHED e -I - � 1.13
WHEREAS, in the matter of the group insurance program
now established for employees of the Board of Education of the
City of Saint Paul in the teaching professions, which employees' group
is insured under policy with The Minnesota Mutual Life Insurance
Company, insurer, Policy No. 1520 -G, in effect prior to March 1,
1963, dividends have accumulated in substantial amounts by reason
of favorable mortality experience; and
WHEREAS, the Board of Education of the City of Saint Paul,
at its regular meeting on Tuesday, May 21, 1963, by motion
adopted at said meeting, determined to recommend to the Council
of the City of Saint Paul that The Minnesota Mutual Life Insurance
Company be instructed to reinvest and to distribute accumulated
dividends applicable to said group Policy No. 1520 -G in the manner
outlined in motion adopted by the Board of Education at its meeting
on May 21, 1963; now, therefore, be it
RESOLVED, That the Council of the City of Saint Paul hereby
concurs in the aforesaid recommendation of the Board of Education
.of the-City of Saint Paul and directs that approximately $17,175
of such aforementioned accumulated and available dividends on
March 1, 1963, under group insurance Policy'No. 1520-G., issued by
The Minnesota Mutual Life Insurance Company, and covering employees
of _the Board of Education of the City of Saint Paul in the teaching
profession, be reinvested for coverage of 50% additional paid -up
insurance for the period of the policy year March 1, 1963, through
February 29, 1964, for those employees insured under said policy
-for s =ix months prior to and on February 28, 1963, and who continued
to be insured on March 1, 1963, and that 40% cash return of premiums
paid during the past policy year, March 1, 1962, to February 28,
1963, be distributed to those employees insured for six months
prior to and on February 28, 1963, and who continued to be insured
on March 1, 1963;. be it
FURTHER RESOLVED, That
to prepare
same to The
. COUNCILMEN
Yeas Nays
�aliaxrd-
Loss
Mortinson
Peterson
Rosen -
Mr. President, Vavoulis
101\1 8-82
a certified copy
Minnesota Mutual
the City Clerk be and is hereby directed
of this resolution and to deliver the
Life Insurance Company forthwith.
T, Favor
Against
2 4 1963
Adopted by the Council MAY 19—
MAY 2 4 1963
Approved 19_
Mayor
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St. Paul 1p, 'Minnesota
%p City Council -directed to send y
the'' closed -.certified. copy of
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.' a resolutiopg Coune►i1 Pi l
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ted todayv- with' referonce`to
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avails
dividends on Arch L 1963�
under group assurance Po li o."15,20
covering emyloyes. ` of 'the Board
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THE SAINT PAUL PUBLIC SCHOOLS 434
615 CITY HALL
SAINT PAUL 2,MINNESOTA
OFFICE OF THE SUPERINTENDENT
May 22, 1963
Honorable Mayor and Members of the City Council:
Herewith I am transmitting to you a certified copy of
a motion adopted unanimously by the members of the
Board of Education at their regular meeting on Tuesday,
May 21, 1963, regarding disposition of dividends earned
on Group Policy No. 1520 -G.
MOTION - Mr. Hammond moved that the Board of
Education recommend to the City Council that
it instruct the Minnesota Mutual Life Insur-
ance Company carrying group life insurance
policy No. 1520 -G on teachers in the St. Paul
schools, to reinvest 50 %, additional paid -up
insurance, 40% cash return of premiums, with
the balance retained as a reserve in the divi-
dend account. Motion seconded by Mrs. Bratnober
and carried.
I hereby certify that the foregoing is a true and correct
copy of Board of Education proceedings dated May 21, 1963.
Assistant Secre ary
Res ully submitted,
ForrestzE. Conner
I