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FINANCE CUCITTFE
March 23, 1989
MISCELLANEDUS REsaLurpay #89077
BY: FINANCE OCNNIITTEE, DR. G. WILLIAM C1DDF1L, CHURRERSCN
IN RE: RISK MANIGEKNIL-AUTHCRIZATICN TO ESTABLISH PREMIUM STABILIZATICN
IESERVE PRCMAM LIFE INSURANCE PROGRAM
'10 THE GAICAND COUNTY CF CCrAMISS CNERS
Mt. Chairperson, Ladies and Gentlemen:
MEREAS Aetna insurance Company is the carrier for life insurance
policy for employees and retirees; and
141ERES Fisk Management and Management and '?.vet has reviewed the
voluntary Premium Stabilization Reserve (PM) program offered by Aetna;
and
TAHEREAS with an advance to Aetna of $150,000, the County will realize
a reduction in premium costs equal to 14.2% return an advance; and
MEREAS the advance of $150,000 is available to pay any premium
Shortfall caused by adverse experience; and
WIEBEAS funds are available in the fringe benefit fund; and
W-1E:PEAS the Board of Cormissioners requires notification and approval
of cash advances in excess of $10,000.
NOW THEREFORE EE IT RESOINED that funds be advanced to Aetna Insurance
Company in the amount of $150,000 for the voluntary Premium Stabilization
RESOLUTION # 89077. March 23, 1989
Moved by Caddell supported by Jensen the resolution be adopted.
AYES: McPherson, Moffitt, Oaks, Olsen, Pappageorge, Pernick, Rewold,
Skarritt, Wolf, Aaron, Caddell, Calandro, Chester,Crake, Ferrens, Gosling, Hobart,
Jensen, Johnson, R. Kuhn, S. Kuhn, Luxon, McConnell, McCulloch. (24)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lynn D. Allen, Clerk of the County of Oakland and having a seal, do
hereby certify that I have compared the annexed copy of the attached resolution,
adopted by the Oakland County Board of Commissioners at their regular meeting
held on March 23 , 19E9 with the on record thereof now remaining
on file in my office, and that it is a true and correct transcript therefrom,
and of the whole thereof.
In Testimony Whereof, I have hereunto set my hand and affixed the seal
of said County at Pontiac,Michigan this 23rd day of March , 1989
LY,0 D. ALLEN, County Clerk
Register of Deeds
Deputy Clerk