HomeMy WebLinkAboutApproving the Transfer of $114,822.50 1990 Balance in City Employee Flexible Benefits Account to Employee Benefits FundNRESOLUTION
Passed by the Common Council of the City of South Bend, Indiana
July 8, 91
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Attest: City Clerk
Attest:
Presented by me to the Mayor of the City of South Bend, Indiana
July 9, 91
19
of Common Council.
City Clerk
Approved and signed by me July 12 19 91 _.
Mayor
RESOLUTION NO. I6' /
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND APPROVING THE TRANSFER OF THE
$114,822.50 1990 BALANCE IN THE CITY OF SOUTH BEND
EMPLOYEE FLEXIBLE BENEFITS ACCOUNT TO THE SELF
FUNDED EMPLOYEE BENEFITS FUND FOR THE PURPOSE OF
DERAYING INCREASED HEALTH INSURANCE PREMIUM COSTS
STATEMENT OF PURPOSE AND INTENT
In January of 1990, the City credited all eligible employees with
a $500.00 flexible spending account to be used to reimburse eligible
medical expenses. The total sum of $458,844.94 was deposited into a
separate checking account, against which account Lincoln National
Administrative Services Corporation, as agent for the Lincoln
National Life Insurance Company, issued reimbursement checks.
As of April 17, 1991, a balance of $114,822.50 in unclaimed funds
remained on deposit. The deadline for submitting reimbursement
claims for calendar year 1990 has passed. The Common Council, with
the support and encouragement of the City Controller determines it to
be in the best interests of the City, that the unclaimed balance of
$114,822.50 in the City of South Bend Employee Flexible Benefits Plan
account be transferred to the Self Funded Employee Benefits Fund for
purposes of defraying increased health insurance premium costs
associated with the provision of insurance benefits to City
employees.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA, as follows:
SECTION I. That the transfer, by wire transfer or otherwise, of
$114,822.50, from City of South Bend Employee Flexible Benefit Plan
account, to Fund 711, the Self- Funded Employee Benefits Fund of the
City of South Bend, said sum being the total of unclaimed 1990
flexible benefits funds, shall be and hereby is approved.
SECTION II. This Resolution shall be in full force and effect
from and after its adoption and approval by the Mayor
ORD- RES3 /RES -INSU
NOT APPROVED
ADOPTED -� -%
Common