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RESOLUTION NO. I6' / <br />A RESOLUTION OF THE COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND APPROVING THE TRANSFER OF THE <br />$114,822.50 1990 BALANCE IN THE CITY OF SOUTH BEND <br />EMPLOYEE FLEXIBLE BENEFITS ACCOUNT TO THE SELF <br />FUNDED EMPLOYEE BENEFITS FUND FOR THE PURPOSE OF <br />DERAYING INCREASED HEALTH INSURANCE PREMIUM COSTS <br />STATEMENT OF PURPOSE AND INTENT <br />In January of 1990, the City credited all eligible employees with <br />a $500.00 flexible spending account to be used to reimburse eligible <br />medical expenses. The total sum of $458,844.94 was deposited into a <br />separate checking account, against which account Lincoln National <br />Administrative Services Corporation, as agent for the Lincoln <br />National Life Insurance Company, issued reimbursement checks. <br />As of April 17, 1991, a balance of $114,822.50 in unclaimed funds <br />remained on deposit. The deadline for submitting reimbursement <br />claims for calendar year 1990 has passed. The Common Council, with <br />the support and encouragement of the City Controller determines it to <br />be in the best interests of the City, that the unclaimed balance of <br />$114,822.50 in the City of South Bend Employee Flexible Benefits Plan <br />account be transferred to the Self Funded Employee Benefits Fund for <br />purposes of defraying increased health insurance premium costs <br />associated with the provision of insurance benefits to City <br />employees. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA, as follows: <br />SECTION I. That the transfer, by wire transfer or otherwise, of <br />$114,822.50, from City of South Bend Employee Flexible Benefit Plan <br />account, to Fund 711, the Self- Funded Employee Benefits Fund of the <br />City of South Bend, said sum being the total of unclaimed 1990 <br />flexible benefits funds, shall be and hereby is approved. <br />SECTION II. This Resolution shall be in full force and effect <br />from and after its adoption and approval by the Mayor <br />ORD- RES3 /RES -INSU <br />NOT APPROVED <br />ADOPTED -� -% <br />Common <br />