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Home My WebLink About12561s ORDINANCE NO. 12,561 AN ORDINANCE APPROPRIATING THE SUM OF $58,410.00 TO BE PLACED IN TRUST AND USED FOR THE PURPOSE OF FUNDING LIFE INSURANCE BENEFITS FOR 43 NOW RE- TIRED CITY EMPLOYEES; AND FOR OTHER PURPOSES WHEREAS, forty -three (43) now retired city employees have maintained in force life insurance under a program provided by the City whereby the employee's premium monthly is sixty (60�) cents per thousand ($1,000.00) of insurance; and, WHEREAS, the said now retired employees do not desire to change insurance programs as presently planned by the City which would effect a substantial increase in the premium for such employees; and, WHEREAS, the said employees are agreeable to cancellation of their existing insurance with the understanding that the City would appropriate the sum of $58,410.00 into a life insurance benefit trust_ fund from which each of the said now retired 43 employees would be insured in the amount of his or her policy -now in effect and into which each of said employees would continue to pay the sum of sixty (60�) cents per $1,000.00 of insurance monthly premium.' NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS. SECTION 1. Where is hereby appropriated from the unappropriated balances of the General and Street Funds respectively, the sums of $40,303.00 and $18,107.00 to be used for the purpose of funding a life insurance Trust to insure the lives of those 43 now retired City. of Little Rock employees effective November 10, 1971, who, at this time, are maintaining life insurance on their lives under the existing program provided by the City with New York Life Insurance Company for which each of said employees pays a monthly premium of sixty (60f)cents per thousand ($1,000.00) of insurance. The retired employees eligible for participation in the program authorized hereunder are identified by Exhibit "A" attached hereto together with the amount of insurance coverage now maintained by said employees and currently identified beneficiaries under each said'policy. rGC- �7 G °�j -2- SECTION 2. The City Manager and the City Attorney are hereby authorized and directed to proceed with the preparation of a Trust Agreement to be executed by the City Manager for and on behalf of the City of Little Rock with the Commercial National Bank of Little Rock, Arkansas, establishing the Trust for the purpose of receiving and administering the appropriations provided for in Section l hereof and insuring the lives of the individuals identified by the attached Exhibit "A" in the amounts also identified by the said exhibit provided, however, said employees, as a condition to participation in the said insurance Trust, must pay into said Trust Fund monthly the sum of sixty (60G) cents per thousand ($1,000.00) of insurance on his or her life. Failure on the part of any said insured retired employee to pay the sixty (60G) cents per thousand ($1,000.00) of insurance premium payment within 30 days of any monthly installment due date will effect a forfeiture of his or her rights to participate as an insured under said Trust. SECTION 3. It is. the purpose of this ordinance to assure only these now retired 43 City employees the opportunity of maintaining life - insurance coverage on his or her life in the amounts now main- tained by said employees as reflected by Exhibit "A" attached hereto at the same premium they are now paying when the life insurance program of the City now being provided by New York Life Insurance Company is allowed to terminate on November 10, 1971. SECTION 4. This Ordinance shall be in full force and effect from and after its passage. PASSED: November 2, 1971 ATTEST: City Cle APPROVED : Mayo R • �♦ Y NOTE: STUART R. THOMAS, OMITTED FROM THIS LIST. JUST RECEIVED NOTICE THAT HE DIED 10 -1 -71 -r , NEW YORK LIFE INSURANCE - RETIRED EMPLOYEES NAME AMOUNT BENEFICIARY Tipp Avery Roy T. Beard 2,000.00 Ruth W. Avery, Wife Pauline Beeson 8,000.00 8,000.00 Lilac H. Beard, Wife Beverly B. Stocker, Daughter, if living; otherwise to her surviving child or children, Charles H. Gray III, Beverly Anne -Gray, Hershel H. Boyer 4,000.00 Gretchen Gray x Allen Daniel Brazil 1,000.00 Essie O'Brian Boyer, Wife X- Otis C. Brennings 4,000.00 Lizzie B. Brazil, Wife Eva H. Brown 4,000.00 Vera L. Brennings, Wife Hal H. Burns 2,000.00 Wanda M. Robbins, Daughter x Leonard H. Carpenter 4,000.00 Patricia A. Burns, Wife Thurman M. Dick 4,000.00 James L. Carpenter, Son )'-Manley E. Dillon 8,000.00 Dorris M. Dick, Wife Gus Edgeston 2,000.0o Amanda Lee Dillon, Wife Woodson Foiles 4,000.00 Mamie E. Edgeston, Wife yGlen F. Forsyth 2,000.00 Lydia J. Foiles, Wife 4 Sam Graves 2,000.00 Lula Mae Forsyth, Wife Lee Scott Griffith 4,000.00 Sarah H. Graves, Wife Wayne Gunter 4,000.00 Elsie E. Griffith, Wife Sam Hampton 2,000.00 Corine Gunter, Wife Theodore E. Hering 4,000.00 Judy May Hampton, Wife Pearl C. Horne 4,000.00 Iber G. Hering, Wife Betty J. Jones & Catherine Darling, X Augusta Darrian Horton 4,000.00 Daughters Clessie A. Horton, Wife James A. Hudson xVernard B. Kee 4,000.00 Eunice N. Hudson, Wife Frank T. Kell 2,000.00 8,000.00 Vera S. Kee, Wife YRobert Martin 4,000.00 Joyce D. Kell, Wife Garland Matthews 4,000.00. Lillie B. Martin, Wife Robert Miller 2,000.00 Bertha M. Matthews, Wife Albert W. Mitchell 4,000.00 Birdie Miller, Wife ..Andrew J. Mullenax 4,000.00 Cecil Mitchell, Wife Julie Mullenax, Wife, if living, otherwise to D. E. Mullenax and G. E. Mullenax, Sons, share and Lester E: Newland 8,000.00 share alike - Erma L. Newland, Wife Floy Petty Clara Kummell Pickens 4,000.00 8,000.00 Albert B. Petty, Husband Hollis Porter 2,000.00 Jack Pickens, Brother -in -law 1�-Bennie Richard 2,000.00 Minnie E. Porter, Wife Josephine Smith, Daughter and 'Joe Rollins 4,000.00 Benji.man Richard, Son Thomas B. Smith 2,000.00 Berbia Rollins, Wife Harriet Steppacher Smith, Wife, if living; otherwise to Thomas E. Vera C. Stone 4,000.00 Smith, Son Mrs. Katherine Highfill, Mrs. Patricia Frawley, Robert Stone, Flay T. Tolleson 8,000.00 Duke Stone, Children, share alike James H. Walters 2,000.00 Rachel Lettie Tolleson, Wife Aubrey J. Wilkinson Garland E. Williams 4,000.00 � Ora A. 4,000.00 Katheryn Walters, Wife Wilkinson, Wife, if livi otherwise to Curtis Woods . e t W' 8,000.00 -7 !W�est k'� oq�'s c ife;y��`�`tging; otherwise to Sylvester Young 4,000.00 Elvira Y. Younq, Wiipe -r ,