[Adopted 6-3-1991; amended in its entirety 12-2-2002]
There shall be a fund created to be known as
the "Employee Health and Life Insurance Benefit Plan Fund" to incorporate
all income and expenses associated with the City of Middletown's and
its Board of Education's employee health and life insurance benefit
plans.
Such income to the fund shall include but not
be limited to the amount budgeted by the Common Council for employee
health and life insurance benefits in each fiscal year, investment
return accrued with respect to retained reserves and retrospective
and experience-rated insurance premium refunds relating to employee
health and life insurance benefits and such expenses to include but
not be limited to insurance premiums, retentions, administration and
staffing relating to employee health and life insurance benefits and
such other expenses as are properly incurred incident to the operation
of an Administrative Services Only program for employee health and
life insurance benefits.
Expenditures shall only be made from the fund
for the City's employee health and life insurance benefit plan by
the Director of Finance in accordance with the directions of the claims
administrator/insurance carrier in conjunction with the City's Risk
Manager. Said fund shall be subject to normal budgetary procedures
and appropriation action, provided that due consideration shall be
given to the recommendations of the City's Risk Manager and any actuary
and/or health consultant, hired by the City to review said fund and
the City's employee health and life insurance benefits plan, in taking
such action with respect to said fund.
