177723 I 77723
Original to City Clerk
CITY OF ST. PAID`File No. 173-py Robert F. NO.
OFFICE OF THE CITIa the nutter of the Grettp
COUNCIL RESOLUTION-5-Pre Pr now°stab fot
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WHEREAS, in the matter of the Group Insurance Program now
established for Saint Paul City Employees Group, insured, under policies
with the Minnesota Mutual Life Insurance Company, insurer, dividends have
accrued in substantial amounts by reason of favorable mortality experience
during the past several years and additional insurance coverage has been
afforded to such employees from and by the application of such accrued
dividends; and
WHEREAS, under the direction of the Council of the City of Saint
Paul, its Technical Committee has made a study as to the best manner in
which such accrued and presently available dividends should be utilized
for the benefit of City employees included within said insured Group and
has made due report and recommendation thereon to this Council, now be it
RESOLVED, that pursuant to said report and recommendation by said
Technical Committee in the premises:
1. That approximately 110,000.00 of such accumulated and available
dividends, effective as of OcMaareh 1, 1956, be applied to the purchase and
payment of the cost of thirty per cent additional paid-up Group Term Insurance
for the twelve-months period beginning March 1, 1956, available to and for
the benefit of all such insured City employees and in respect to their several
insurance coverages as of said date and the next preceding date, February 29,
1956.
2. That the remainder of said accrued dividend credit in said
matter be retained as a stabilizing influence toward the possibility of
adverse mortality experience in the future.
MAY 19S6
COUNCILMEN Adopted by the Council 195_
Yeas Nays MAY '5(
Gibbons
Halvorson Approved 195_
to o
Marzitelli In Favor
Mortinson Mayor
Peterson Against
Mr. President, Dillon
5M 6-55 2
PUBLISHED -
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