Establishing a Non-Reverting Self-Funded Employee Benefit Fund

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ORDINANCE NO. 7161 -83 AN ORDINANCE ESTABLISHING A NON- REVERTING "SELF- FUNDED EMPLOYEE BENEFIT FUND ". STATEMENT OF PURPOSE AND INTENT: It is in the City's best interest to retain a portion of the potential liability of the City of South Bend's employee group health and life insurance in order to receive benefits from interest earned , better cash flow, and other savings from not paying premiums to an insurance company. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: SECTION I. A special non - reverting fund is hereby created to be known as the "Self- Funded Employee Benefit Fund ". Monies which may be paid into this fund include monies assessed from City departments and monies collected from employees. Monies may be expended from this fund for the payment of claims arising from retained risk, premiums for life insurance and accidental-death and dismemberment insurance and any stop loss coverages deemed necessary, and all incidental costs associated with any claims including but not limited to administration fees and conversion fees. SECTION II. Said fund may be invested by the Controller's Office with all earned interest belonging to said fund in its entirety. SECTION III. This Ordinance shall be in full force and effect from February 1, 1983, as passed, by the Common Council and approval by the Mayor. 1st READIP;G 1-100-814 PUBLIC HEARING / -,� q-,r3 2nd READING NOT APPROVED REFERRED PASSED IrM - C omm,# ,- . Z RED IN COPS OFFICE M. �i N r` i Irene Gammon CITY CLERK, SOUTH BEND, IND.