The URL can be used to link to this page

Browse Search

Home My WebLink About760620.tiff - RESOLUTION RE: AMENDMENTS TO AGREEMENT BETWEEN WELD COUNTY AND PACIFIC MUTUAL LIFE INSURANCE COMPANY. WHEREAS, heretofore Weld County by Resolution did enter into a contract with Pacific Mutual Life Insurance Company for group insurance covering Weld County employees under various group insurance policies and amendments thereto, to-wit: 1 - Group Policy No. GL-8864 - Amendment No. 2 2 - Group Policy No. GR-8864 - Amendment No. 2 3 - Group Policy No. GM-8864 - Amendment No. 5, and WHEREAS, the Board of County Commissioners, Weld County, Colorado, believes it to be in the best interest of the County to accept the aforementioned amendments to the aforementioned group policies as proposed, covering its County employees, and to enter into such agreement to amend said group policies as hereinabove mentioned and on the bases recited therein. NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners, Weld County, Colorado, that the herein- above mentioned amendments No. 2 and No. 5 respectively submitted by Pacific Mutual Life Insurance Company amending the aforementioned group policies Nos. GL-8864, GR-8864, and GM-8864, copies of which are attached hereto and made a part hereof by reference, be, and they hereby are approved. BE, IT FURTHER RESOLVED, that the Board be, and it hereby is authorized to execute amendments No. 2 and No. 5_ to the aforementioned group policy numbers, to-wit: GL-8864 , GR-8864, and GM-8864 as submitted and to make the same effective forthwith. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 9th day of June, A. D. , 1976 . BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO iNdef,4 /4",..afery ,'die- z ,��-t _,I.: ...„..... ATTEST: Weld County Clerk and Recorder nd Clerk to the _, , Deputy Coun Clerk PR-1 V AS TO FOOD S. .- ,--r .�z ( . t dc-----ye e Special Legal Counsel � � `� ` ` j_ $'1 { .� 760620 POLICYHOLDER'S COPY AMENDMENT NO. 2 Attached to and part of Group Policy No. GL-8864 by and between Pacific Mutual Life Insurance Company, and the Policyholder, WELD COUNTY, COLORADO. The Policyholder and Pacific Mutual Life hereby agree that, effective January 1, 1976, the following Section, entitled "GUARANTEED INTEREST", is added to and made a part of the policy: "GUARANTEED INTEREST "The Insurance Company shall, at the end of each policy year during the continuation of this section, pay interest to the Policyholder computed on the mean value, during such policy year, of a 'Fund' held by the Insurance Company at such rate, and at such time and manner, as determined from this section. "The 'Fund' shall be an amount equal to the excess, if any, of the accumulated value of(a)over the sum of (b) and (c), where (a)equals the total premiums paid to the Insurance Company, under the terms of this policy, from the policy effec- tive date, and (b)equals the expense charges, benefit payments and special services allocated to this policy, by the Insurance Company under its Dividend and Experience Rating Refund Formula, from the policy effective date, and (c) equals the total of Dividend and Experience Refunds earned pursuant to this policy, and paid to the Policyholder from the policy effective date. "Such interest, during the first policy year during which this section is in force, shall be at the rate of 6% per annum. Interest during any subsequent policy year shall be at the same rate as the immediately preceding policy year unless changed by the Insurance Company upon written notice to the Policyholder delivered at least 31 days prior to the com- mencement of the policy year for which the change is to be effective. Such interest rate shall be consistent with the rates generally used by the Insurance Company for similar funds held under other Group Insurance policies. "The amount of such interest, if any, for each policy year will be paid in cash to the Policyholder at the end of such policy year, or upon request by the Policyholder shall be applied against the payment of any premium or premiums. "In the event this policy discontinues during a policy year then, for the purposes of this section only, the period of such policy shall be the product of one-twelfth the number of full calendar months that this policy was in force during such policy year and no interest shall accrue after the date of such discontinuance." IN WITNESS WHEREOF, the parties hereto have, by their duly authorized representatives set their hands on the date set forth beneath their respective signatures. POLICYHOLDER PACIFIC MUTUAL LIFE INSURANCE COMPANY Signature of Officer President Chairman, Board of County r iy,�G . , i Commissioners, Weld County "`� Title of Officer Secretary June 9, 1976 ATTEST Date Signed Registrar DATE 7 '/�! / Gk-4154-B POLICYHOLDER'S COPY AMENDMENT NO. 2 Attached to and part of Group Policy No. GR-8864 by and between Pacific Mutual Life Insurance Company, and the Policyholder, WELD COUNTY, COLORADO. The Policyholder and Pacific Mutual Life hereby agree that, effective January 1, 1976, the following Section, entitled "GUARANTEED INTEREST", is added to and made a part of the policy: "GUARANTEED INTEREST "The Insurance Company shall, at the end of each policy year during the continuation of this section, pay interest to the Policyholder computed on the mean value, during such policy year, of a 'Fund' held by the Insurance Company at such rate, and at such time and manner, as determined from this section, "The 'Fund' shall be an amount equal to the excess, if any, of the accumulated value of(a)over the sum of (b) and (c), where (a)equals the total premiums paid to the Insurance Company, under the terms of this policy, from the policy effec- tive date, and (b)equals the expense charges, benefit payments and special services allocated to this policy, by the Insurance Company under its Dividend and Experience Rating Refund Formula, from the policy effective date, and (c) equals the total of Dividend and Experience Refunds earned pursuant to this policy, and paid to the Policyholder from the policy effective date, "Such interest, during the first policy year during which this section is in force, shall be at the rate of 6% per annum. Interest during any subsequent policy year shall be at the same rate as the immediately preceding policy year unless changed by the Insurance Company upon written notice to the Policyholder delivered at least 31 days prior to the corn- mencement of the policy year for which the change is to be effective. Such interest rate shall be consistent with the rates generally used by the Insurance Company for similar funds held under other Group Insurance policies. "The amount of such interest, if any, for each policy year will be paid in cash to the Policyholder at the end of such policy year, or upon request by the Policyholder shall be applied against the payment of any premium or premiums. "In the event this policy discontinues during a policy year then, for the purposes of this section only, the period of such policy shall be the product of one-twelfth the number of full calendar months that this policy was in force during such policy year and no interest shall accrue after the date of such discontinuance." IN WITNESS WHEREOF, the parties hereto have, by their duly authorized representatives set their hands on the date set forth beneath their respective signatures. POLICYHOLDER PACIFIC MUTUAL LIFE INSURANCE COMPANY Signature of Officer President 4.CHAIRMAN, BOARD OF COUNTY / 64c4.4., COMMISSIONERS, WELD COUNTY Title of Officer /,,SSecretary June 9, 1976 ATTEST f�� 4 Date Signed Registrar DATE GR-4154-B POLICYHOLDER'S COPY AMENDMENT NO. 5 Attached to and part of Group Policy No, GM-8864 by and between Pacific Mutual Life Insurance Company, and the Policyholder, WELD COUNTY, COLORADO. The Policyholder and Pacific Mutual Life hereby agree that, effective January 1, 1976, the following Section, entitled "GUARANTEED INTEREST", is added to and made a part of the policy: "GUARANTEED INTEREST "The Insurance Company shall, at the end of each policy year during the continuation of this section, pay interest to the Policyholder computed on the mean value, during such policy year, of a 'Fund' held by the Insurance Company at such rate, and at such time and manner, as determined from this section. "The 'Fund' shall be an amount equal to the excess, if any, of the accumulated value of(a)over the sum of (b) and (c), where (a)equals the total premiums paid to the Insurance Company, under the terms of this policy, from the policy effec- tive date, and (b)equals the expense charges, benefit payments and special services allocated to this policy, by the Insurance Company under its Dividend and Experience Rating Refund Formula, from the policy effective date, and (c) equals the total of Dividend and Experience Refunds earned pursuant to this policy, and paid to the Policyholder from the policy effective date. "Such interest, during the first policy year during which this section is in force, shall be at the rate of 6% per annum. Interest during any subsequent policy year shall be at the same rate as the immediately preceding policy year unless changed by the Insurance Company upon written notice to the Policyholder delivered at least 31 days prior to the com- mencement of the policy year for which the change is to be effective, Such interest rate shall be consistent with the rates generally used by the Insurance Company for similar funds held under other Group Insurance policies. "The amount of such interest, if any, for each policy year will be paid in cash to the Policyholder at the end of such policy year, or upon request by the Policyholder shall be applied against the payment of any premium or premiums. "In the event this policy discontinues during a policy year then, for the purposes of this section only, the period of such policy shall be the product of one-twelfth the number of full calendar months that this policy was in force during such policy year and no interest shall accrue after the date of such discontinuance." IN WITNESS WHEREOF, the parties hereto have, by their duly authorized representatives set their hands on the date set forth beneath their respective signatures. POLICYHOLDER PACIFIC MUTUAL LIFE INSURANCE COMPANY Signature of Officer v President CHAIRMAN, BOARD OF COUNTY COMMISSIONERS, WELD COUNTY Title of Officer jtaratSecretary June 9, 1976 ATTEST Date Signed / Registrar -/� DATE Y/ / 2/ 7t",//k GR-4154-8 Hello