HomeMy WebLinkAbout5649 RESOLUTION NO 5,649
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE
AMENDMENTS TO THE CITY OF LITTLE ROCK GROUP LIFE
INSURANCE PLAN; AND FOR OTHER PURPOSES
WHEREAS, the Board of Directors of the City of Little Rock
(The City) authorized entering into an employee group term life and
accidental death and dismemberment insurance contract with the National
Investors Life Insurance Company by Resolution No. 5 , 160 adopted March
13 , 1974; and
WHEREAS , Group Policy Contract G10 , 083 of the National Investors
Life Insurance Company was executed by the City Manager to become effec-
tive April 1 , 1974; and
WHEREAS, it is now the desire of the Board of Directors to modify
the terms of said contract.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1 . Group Policy Contract G10, 083 of the National Investors
Life Insurance Company (The Contract) is hereby modified to accommodate
the provisions specified within the following Sections.
SECTION 2 . Retiring employees of the City who have been insured
through their last day of employment under The Contract shall have the
individual option of continuing participation beyond retirement from
The City .
SECTION 3 . Coverage amounts for employees electing to continue
participation shall be one-half (50%) of that in effect on the last
day of city employment.
SECTION 4 . Extended coverage may only be placed into effect on
that calendar day next following the date of employment termination
and shall be so effected only upon written notification by the employee
prior to retirement from The City.
SECTION 5 . The term of coverage extension shall be through the
last day of each calendar quarter for which advance premiums have been
paid by the retiree-participant, but in no case shall the term extend
beyond the sixtieth (60th) calendar month following the month within
which retirement occurs .
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SECTION 6 . Premiums shall be at the same rate as applies to
coverage of non-retired employee participants.
SECTION 7. One-half (Z) of premiums shall be payable by retiree
electing extension on a quarterly basis in advance of the period of
coverage. Payment procedure shall be as prescribed by the City
Manager.
SECTION 8 . The present maximum of $15, 000 insurance coverage
for any one employee is hereby amended to allow a maximum coverage
of $25 ,000 under the life insurance plan.
SECTION 9 . The City Manager is hereby authorized to execute for
and on behalf of the City an amendment to the Contract causing the
above stated modifications to become effective retroactively to
November 1 , 1976 .
SECTION 10 . This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: January 4 , 1977
ATTEST: ".e.) 4.C_1 APPROVED: Q,,
City Clerk Mayor