HomeMy WebLinkAbout1967-03-27 113-U RESOLVE113-u
Introduced by Councilor Brown, March 27, 1967
M1 1 CITY OF BANGOR
�R(TITLE) mhler Appy, ing.Ezt d Amounts of (krou.p Life I e -,
By W City Coaaa(t o! W CAUyafIk;mgvr.
MWLVBD, THAT the City of Bangor, a participating district of the Maine
State Retir®ent System, does hereby approve of the extended amounts of group
life inaarence £rom the previous cbo m of $10,000 to $25,000, based upon
annual salaries; and
BE IT FURTHER RESO=, that the City Clerk be hereby ordered to file a
certified copy of this resolve with the Maine State Retirement System Board of
Trustees.
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0 K S o L re
IJ67 p4R d `?' 8: 40
Fl[PV, S OFl eode Am=ts of Onwp Lire Ins.
e /� men Ye
M CITY COUNCIL /syjS'
M ch 27, 1967 —�
PA9SP,D
CITY CffiRK
STATE OF .MANE
MAINE STATS RELIRMIENT SYSTEK NsrcM1 16, 1967
T0: All Department Reads, Superintendents of Institutions, Superintendents of
Schools, Reamesters of Academies, Fiscal Officers of Participating
Districts
ATTENTION: Payroll Clerks
PINK: E. L. Walter, Executive Secretary, Maine State Retirement System
SDB.IECT: Maine State Retirement System Group Life Insurance
An Act to Revise the Retirement System Loa has been signed by Governor Curtis and is
new effective.
Section 9 of this hilt extends the acounts of group life insurance from the previous
maximum of $10,000 to $25,000, based upon annual salaries.
The following table reflects the new amounts and we ask you to review your payrolls
ad if any insured ds receiving an Annual salary over $10,000 than automatically end
imuliately the insurance coverage is increased. Planes refer to the table, find
the amort of insurance applicable, compute the new premium ®cunt (double this if
supplemental coverage applies) and take the proper deduction immediately. Of course,
a" person who has refused the coverage or is ineligible will still retain the same
statue as this act changes the amort of coverage available.
Place send us the name, annual salary and new amount of insurance for each person
to whom this change applies.
Only Participating Districts have the right to accept the new provisions or to retain
the former limitations. Please advise whether you accept or reject these provisions.
TABLE A
If smmal empmeation is Group Life Insurance Group Accidental Death
and Dismemberment
Insurance
Grater than but not greater The maximm The mexin m amount of
thena unt of group group accidental death
life insurance and dismemberment insurance
shall be shall be
0
8 11000
S 1,000
$ 11000
$ 1,000
2,000
2,000
2,000
2,000
3,000
3,000
3,000
3,000
4,000
4,000
4,000
4,000
5,000
S,OOD
5,000
5,000
6,000
6,000
6,000
6,000
1,000
1,000
7,000
7,000
8,000
8,000
8,000
8,000
9,000
9,000
9,000
9,000
10,000
10,000
10,000
10,000
11,000
11,000
11,000
11,000
12,000
12,000
12,000
12,OOo
13,00D
13,000
13,000
--3,000
14,000
14,000
14,000
14,000
15,000
15,000
15,000
15,000
16,000
16,000
16,000
16,000
17,000
17,000
17,000
17,000
18,000
18,000
18,000
18,000
19,000
19,000
19,000
19,000
20,000
20,000
20,000
20,000
21,000
21,000
21,00D
21,000
22,000
22,000
22,000
22,000
23,000
23,000
23,000
23,000
24,000
24,000
24,000
24,000
----
25,000
25,000
Note: At the present time this will mean 19 additional thousands of itmarance
for 9 city mployees. Me total employee cost will be $11.05 per month
and the city expense will be 76.9% o4 the mployea coat or $8.50 per
month. ($102, annually)