HomeMy WebLinkAboutResolutions - 1961.02.09 - 19344RETIREMENT COMMITTEE
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RESOLUTION February 9, 1961
BY: Mr. Levinson
IN RE: AMENDMENT TO EMPLOYEES' GROUP LIFE INSURANCE
TO THE OAKLAND COUNTY BOARD OF SUPERVISORS
Mr. Chairman, Ladies and Gentlemen:
WHEREAS, upon recommendation of your Retirement Commission this honorable
Board adopted a revised schedule of life insurance coverage for members of the Oakland
County Employees' Retirement System (Miscellaneous Resolution 3718), and
WHEREAS, your Retirement Commission at that time had under advisement
recommendations to give members over 70 years of age corresponding equities in line with
such revised schedule but wished to give this matter further study, and
WHEREAS, your Retirement Commission now believes that the foregoing schedule
of insurance coverage for members who have attained age 70 years will be fair and
equitable and commensurate with the County's ability to provide such benefits, and
WHEREAS, sufficient monies are on hand in the 1961 Group Life Insurance appro-
priation to cover the costs of this amendment, estimated to be $401.10 for 1961.
NOW THEREFORE BE IT RESOLVED that the schedule of Group Life Insurance
adopted by Miscellaneous Resolution 3718 be amended to provide that coverage for members
of the County Group Life Insurance Plan be reduced at age 70 in accordance with the
following schedule:
Less than 10 years of service $1,000
10 Years but less than 20 years of 25% of the amount insured just prior to
age 70 but not less than $1,500
20 years of service and over 50% of the amount insured just prior
to age 70 but not less than $1,500
MR. CHAIRMAN, on behalf of the Retirement Committee, I move the adoption of
the foregoing resolution.
service