HomeMy WebLinkAboutR-76-0605SBM/sm
6/16/76
RESOLUTION NO.
76-6^5
A, RESOLUTION RATIFYING THE PURCHASE OF A LIABILITY
INSURANCE POLICY FROM AETNA CASUALTY AND SURETY
CO.; ALLOCATING $2,662.00 FROM THE CITY EMPLOYEES
RETIREMENT SYSTEM TRUST FUNDS, AND $2,091.00 FROM
"am -Dom -IN IL-FUNDSTHE ITY FORGANERAL EMPLOYEES AGGREGATE COSTROFI$4, 753.00; PLANTRUST
`� `,i �. SAID POLICY TO BE EFFECTIVE FOR THE PERIOD OF MAY
4,1\J 11, 1976 THROUGH MAY 10, 1977; RATIFYING THE ACTION
FOLLOW" OF THE APPROPRIATE CITY OF MIAMI PERSONNEL IN
EXECUTING SAID INSURANCE CONTRACT.
WHEREAS, the agreement and declaration of trust for the
Miami City General Employees Retirement Plan may be found in
Ordinance No. 5624, as amended, and the agreement and declaration
of trust for the City Employees
Ordinance No. 2230, as amended; and
Retirement System may be found in
"DOCUMEN INDEX
ITEM .. ,
WHEREAS, Part (3) (E) of the said trust agreements state,
"A trustee shall serve without compensation but shall be reim-
bursed for any expense incurred as a result of a service as a
trustee"; and
WHEREAS, Part (3) (H) of the said trust agreements authorizes
the trustee "to prosecute or defend actions, claims or proceedings
of any nature or kind for the protection of trust assets and of
the trustee in the performance of the duties of the trustee"; and
WHEREAS, liability insurance is an effective method of provid-
ing protection for actions against or defenses of the trust assets
and of the trustee in the performance of the duties of the trustee,
said liability insurance is a lawful trust expenditure to reimburse
the trustees for expenses incurred as a result of a service as a
trustee;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
i CITY COMN11. ,,10,i
i 7< (c..
't M:..5:..................... !
Section 1. The pension trustee liability insurance policy
with the Aetna Casualty and Surety Co. written by the Stevenson
Insurance Associates entered into by the appropriate City of Miami
personnel to be effective May 11, 1976 through May 10, 1977 be and
hereby is ratified.
Section 2. This insurance policy shall be $1,000.00 deduct -
able and shall provide coverage up to $1,000,000.00 for the City
General Employees Retirement Plan Trust Funds and Trustees, and
the City Employees Retirement System Trust Funds and Trustees,
coverage to be provided individually or collectively.
Section 3. The total aggregate cost of said liability
insurance policy is $4,753.00. The City Employees Retirement Trust
Funds shall pay $2,662.00 of the total cost and the City General
Employees Retirement Plan Trust Fund to supply the remaining
$2,091.00 of the total cost.
PASSED AND ADOPTED this day of J17_ , 1976.
.7 'l
,'Maurice A. Ferre
MAYOR
City Clerk
APPROVED AND PREPARED BY:
Sherman Bennett Mayor
Assistant City Attorney
APPROVED AS TO FORM AND CORRECTNESS:
(2
John S. Lloyd
amity Attorney
TO.
ERoM:
Paul Andrews
City Manager
Asti. A•�
Irwin Malin, Secretary
Board of Trustees of the Miami
City Employees, Retirement
System and Plan
CITY OF MIAMI, FLORIDA
1
$NtEtt-OFFICE MEMORANDUM .=
b i t
DATE:
SUDJECT•
April 21, 1976
Liability Insurance
RFFERENCES:
ENCLOSURES:
FILE:
I was :instructed to request that the City Commission allocate •
the funds for the purchase of Liability Insurance for the Trustees.
At their request, I met with Don Stewart, Property Manager, to
determine the cost of such a policy. Attached hereto is his
report. The Trustees have elected to jointly purchase $500,000.00
worth of insurance.
Please place this item on the City Commission Agenda.
CITY or mi.m.u. rtoruoA
INT R•oF r:C=
TO:
Erwin Mazin
Secretary to Employees'
Pcnsi_o 'System & Planning
(W'<1
From: Donal R. Stewart
Property Manager
itrF n_r+.cs:
EI+cLO5UREs:
January 15, 1976
(FILE:
In accordance to the request by the Trustees of the Employees' Pension Plan, I bad
investigated the cost of Directors' and Officers' Fidelity Bond Insurance, and this
is as follows:
The City of Miami's Employees' Pension Plan:
Fund Value: $27,068,000
Fund Value:
$1,000,000 Coverage
Individually and
Collectively For
Trustee:
$ 2,561 (Annually)
$5,000,000 Coverage
Individually and
Collectively For
Trustee:
$ 5,124 (Annually)
The City of Miami's Employees' Pension System:
$1,000,000 Coverage
Individually and
Collectively
$ 2,799 (Annually)
If you combine the two funds and treat the
the cost would be reduced as follows;
$5,000,000 Coverage
Individually and •
Collectively
$ 5,597 (Annually)
two Trustee Groups' coverages
as one,
For $1,000,000 Coverage Individually and Collectively...$3,520;(
For $5,000,000 Coverage Individually and Collectively...$7,64 0 (both Annually).