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9933M 2 3 4 5 6 7 8 9 10 I 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 RESOLUTION NO. 9,933 A RESOLUTION AUTHORIZING CERTAIN CITY GOVERNMENT RETIREES TO PARTICIPATE IN THE 136 CITY'S HEALTH AND MEDICAL INSURANCE PLAN INCLUDING FINANCIAL PARTICIPATION BY THE CITY; DIRECTING THE CITY MANAGER TO EXECUTE PLAN AMENDMENT WITH PRUDENTIAL INSURANCE COMPANY. Whereas, it is desirable for the City of Little Rock to provide health and medical insurance coverage for city government retirees who have achieved a certain level of city government service, and Whereas, the City has worked with city employee representatives to develop an appropriate plan of insurance coverage including city financial participation, and Whereas, the City has reviewed the cost implications and developed a cash flow projection and actuarial evaluation. NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS Section 1: The City Manager is directed to submit to Prudential an amendment to the City's Health and Medical Insurance Plan which will add certain City retirees and their dependents to the plan. Section 2: The amendment will include only those retirees who achieve the rule of seventy (a combination of age and years of city government service) and who have worked a minimum of five years for the City of Little Rock; the plan will only provide for those former employees who fully pay eighteen months of COBRA health and medical insurance costs after leaving city employment. Section 3: The city will participate financially at a rate of 50 percent of the monthly premium for employees only; the City will not financially participate in the premium costs for dependent coverage; city coverage and financial participation will end when employee reaches the age of Medicare eligibility. ADOPTED: March 4, 1997 2 3 4 5 ATTEST: 6 7 1I q WAA 9 10 ROBBIE HANCOCK I 1 CITY CLERK 12 13 APPROVED AS TO FORM: 14 15 ' 16 17 THOMAS M. CARPEN R 18 CITYATTORNEY 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 APPROVED: ft4- JINkVAILEY MAYOR 13'7