HomeMy WebLinkAboutResolution - 064 - Agreement - Aetna VALI Co - Pay Benefits Directly To Participants - 02/08/1979RESO #64
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j RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock an Agreement to
Pay Benefits Directly to Participants between AETNA VARIABLE ANNUITY LIFE
INSURANCE COMPANY and the CITY OF LUBBOCK, attached herewith which shall be
spread upon the minutes of the Council and as spread upon the minutes of this
Council shall constitute and be a part of this Resolution as if fully copied
herein in detail.
Passed by the City Council this 8th day of February
RK WEST, MAYOR
' ATTESTi
R iv lyn,Gaf`f a, City Secret Treasurer
APPROVED AS ,TO CONTENT:
Sterling 4Mer, Director of Finance Administration
APPROVED AS TO FORM:
John C. Ross, Jr.': City Attorney
1979.
STATE OF TEXAS
COUNTY OF LUBBOCK
§
AGREEMENT TO PAY BENEFITS DIRECTLY TO PARTICIPANTS
This contract made this the . 8th _day of February
, �i
1979, by and between the CITY OF L BB CKereinafter referred to
as CITY and AETNA VARIABLE ANNUITY LIFE INSURANCE COMPANY, herein-
after referred to as AETNA,. witnesseth:
WHEREAS the CITY is the contract owner of Group Variable
Annuity Contract Number K606 issued by AETNA; and
WHEREAS CITY is desirous of having AETNA pay contract benefits
directly to participants; and
WHEREAS AETNA is agreeable to make direct payments to the
participants under Group Variable Annuity Contract Number K606;
NOW THEREFORE, the parties hereto for and in consideration
of the mutual promises contained herein agree as follows:
1. That any contract benefits calculated on behalf of any
participant in the aforementioned contract or any premium payment
not applied to said contract be paid directly to such participant,.
as directed, unless otherwise specifically directed by the CITY.
2. It is understood by ,the parties hereto that AETNA's
agreement to pay benefits directly under the aforementioned con-
tract -shall in no way interfere with the CITY's ownership rights
under the aforementioned contract.
3. This authorization, for AETNA, to pay benefits direct
to participants under the aforementioned contract does not constitute
a designation of AETNA as an employeer, agent, Code of 1954. Nor
does this authorization identify AETNA as responsible for any
employer withholding obligations or any obligation under Subtitle
C of the Internal Revenue Code or the performance thereof. Any
withholding or other employer obligations remain with the CITY.
4. This agreement may be terminated by.either party thereto
on thirty (30) days written notice.
CITY OF LUBBOCK
Contract owner
Approved as to form:
John C. Ross:,Jr.,..City Attorray By V
Dated: February 6, 1779
Accepted and agreed to:
AETNA VARIABLE ANNUITY LIFE INSURANCE COMPANY
By:
R Dated: