HomeMy WebLinkAbout760624.tiff RESOLUTION
RE: AMENDMENT CONCERNING A PREMIUM DEPOSIT UftD , REEMENT
BETWEEN WELD COUNTY AND PACIFIC MUTUAL I Ej NSURANCE
COMPANY.
WHEREAS, heretofore, Weld Count , by solution, did
enter into a contract with Pacific Mu u 1. . fe Insurance
Company for group insurance coverin W County employees
under various group insurance polies , including group
k.
policy No. 8864 , and amendment here b, and
WHEREAS, now Pacific utu L fe Insurance Company has
submitted an amendment set inylfo th the terms of the Premium
Deposit Fund Agreement whe y c rtain funds earned to the
credit of Weld County arsuan to policy No. 8864 shall be
held by Pacific Mutua L' fe I surance Company, and interest
paid on the balance in s i remium Deposit Fund all pursuant
to the terms of Premi Deposit Fund Agreement attached
hereto, and
WHERE S, t e oar of County Commissioners of Weld County,
Colorado, blieve i tcl be in the best interest of the County
F
t
to accept the aforementioned Premium Deposit Fund Agreement
and execute the same ' which agreement covers policy No. 8864 ,
and
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, wishes to limit the aforementioned Premium Deposit
Fund to be used solely for rate increases .
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners, Weld County, Colorado, that the hereinabove
mentioned Premium Deposit Fund Agreement between Weld County,
• Colorado, and Pacific Mutual Life Insurance Company, be, and
hereby is , approved, subject, however, to the limitation on the
use of said Premium Deposit Fund solely for the purpose of
absorbing future rate increases under the aforementioned policy
No. 8864 .
760624
The above and foregoing Resolution was , on motion duly
made and seconded, adopted by the following vote on the 13th
day of October, A.D. , 1976.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
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ATTEST: 1)1 ✓v a� , Jc,�" ;�1
Weld County Clerk and Recorder
and Clerk to the B rd
Deputy Count Clerk
County Attorney
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CJf'Y
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' .9 i� �'• I I EMIUMtOLPOSIT FUND AGEEEMENT + + '1 Jilt: ,. . V
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Policyhold+er: WELD COUNTY, COLORADO
1. Policies : 8804 • } •
Effective Date : January 1 , 1976 i
1
Evaluation Dale : January 1 Initial Rate: 6.0 % per annum
I Iest Evaluation Date: January 1, 1977 initial Balance: $
As of the above Effective Date, the Policyholder, and PACIFIC MUTUAL LIFE
INSURANCE COMPANY, hereinafter referred to as PM, amend all the above numbered
group Insurance Policies as follows:
I . 'the Policyholder hereby establishes with PM a. Premium Deposit
Fund , hereinafter referred to as the Fund. As of the Effective
Date, the Policyholder shall deposit to the Fund cash in the
amount of
other cash tdeposits�directed+ by the Policyholder. The Fund may be to increased
be deposited
Ihereto, by any credit produced pursuant to paragraph 5 herein,
and by anv interest accumulations as provided for herein. The
Fund shall be reduced by all withdrawals made pursuant to this
Amendment .
2 . I'M shall annually credit interest to the Fund as follows :
A . As of the First Evaluation Date, interest shall he credited at
the Initial Rate on each month 's average balance.
R. As of each Evaluation Date, interest shall he credited at the
Initial Rate on each month 's average balance during the 12-
month period immediately preceding the Evaluation Date.
However, I'M may, at its option , but not more often than an-
nually, increase or decrease the interest rate by giving 10
days ' written notice to the Policyholder prior to the effec-
t iYo -i !I e of such change.
3 . As of any Evaluation Date, PM may withdraw money from the Fund in
such amounts as it deems necessary to reduce or eliminate the
combined experience rating deficit under the policies covered by
this Amendment .
PDF 2-1 (CR-4483-li)
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4 . A, ,of any hv;i¢uation Date, the Policyholder may elect to withdraw
tI (e'.Fund by delivering to I'M a written request for withdrawal ryAio
t ,. the Evaluation Date on which the request is to take effect, ,
1::ithin 120 days after the Evaluation Date as of which such re4utst
I or withdrawal is to take effect , I'M shall , in accordance with
paragraph 5 , determine the combined experience rating and dividend
position, charge any deficit so determined against the Fund, and
transfer; the remaining portion of the Fund to the Policyholder.
5 . For the purpose of determining any credit or deficit resulting from
an application of the Dividend and. Experienc'e Rating Formula , PM
hill treat all the policies covered by this Amendment as one policy
and shall apply its Dividend and Experience Rating Formula accordingly.
6 . ibis Amendment shall terminate 120 days after the end of the policy
year during which the last policy covered by this Amendment is
terminated , or until the Policyholder withdraws the Fund .
POLICYHOLDER PACIFIC MUTUAL INSURANCE COMPANY
BY:
giol— XaHrt-/-
Name C/la,rn,an /+ Title President
Beard o founl�/ l-omM/SSO ¢ S r ,s v'/
Name Title Secretary
Name Title Registrar
Date C / J/ , /976 Date •
PDF 2-2 (CR-4483-B)
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