HomeMy WebLinkAboutORDINANCE - 1039 - 2/10/1976 - PENSION & DEATH BENEFIT AGREEMENTORDINANCE N0. O
AN ORDINANCE AUTIIORIZING THE VILLAGE PRESIDENT AND
THE VILLAGE CLERK TO EXECUTE AN AGREEMENT RESCINDING
THE AGREEMENT CREATING THE RETIREMENT PENSION AND
DEATH BENEFIT PLAN - WILLIAM ULKE - AND SURRENDER-
ING THE WHOLE LIFE INSURANCE POLICY ESTABLISHED
THEREIN
WHEREAS, the President and Board of Trustees by Ordinance No.
1021-1975, entered into a Pension Agreement with William A. Ulke
known as Retirement Pension and Death Benefit Plan - William A.
Ulke, which agreement provided for the establishment of a Whole
Life Insurance Policy on the life of William A. Ulke, due to Officer
Ulke's inability to obtain entry into the Police Pension Fund, at
the time of its enactment; and,
WHEREAS, the Statutes of the State of Illinois had been amended
and Officer Ulke presently qualifies for coverage under said Police
Pension Fund.
NOW, THEREFORE, BE IT ORDAINED by the President and Board of
Trustees of the Village of Elk Grove Village, Cook and DuPage
Counties, Illinois, as follows:
Section 1. That the Village President and Village Clerk are
hereby authorized to enter into an agreement, a copy of which is
attached hereto and incorporated herein, rescinding the prior agreement
dated September 23, 1975 between the Village and Officer William A.
Ulke.
Section 2. That the Whole Life Insurance Policy previously
contracted for with the Connecticut Mutual Life Insurance Company
and known as Policy No. 3,029,107 be cancelled as of this date hereof
for its present cash surrender value plus dividends earned and pre-
paid premiums.
Section 3; That this Ordinance shall be in full force and
effect from and after its passage and approval according to law.
PASSED
this loth day
of February
, 1976
APPROVED
this 10th day
of February
, 1976
VOTE:
AYES 6
NAYS 0
ABSENT 0
ATTEST:
rVIL CLERK
vA
AGREEMENT
AGREEMENT dated this 10th day of February , 1976 by and
between the Village of Elk Grove Village, hereinafter referred to as
"Village" and Officer William A. Ulke, hereinafter referred to as
"Ulke".,
WITNESSETH
THAT, whereas the Village and Ulke previously entered into an
Agreement dated September 23, 1975 referred to as the Retirement,
Pension and Death Benefit Plan - William A. Ulke, due to the fact
that the Illinois Revised Statutes prohibited participation of Ulke
into the Police Pension Fund; and
WHEREAS, the Illinois Revised Statutes have been recently amended
to permit the participation of Ulke into said Police Pension Fund; and
WHEREAS, it is therefore unnecessary to continue the contractual
agreement above designated.
IN CONSIDERATION of the mutual promises hereinafter set forth
and other good and valuable consideration,
1T IS HEREBY AGREED by and between the parties hereto as follows:
1. That the Agreement dated September 23,1975 by and between
the Village of Elk Grove Village and William A. Ulke is hereby rescinded.
Fund.
2. That Officer Ulke will seek entry into the Police Pension
3. That the whole life insurance policy with Connecticut Mutual
Life, Policy No. 3,029,107 will be cancelled and all amounts contributed
by Ulke will be refunded to him, for subsequent contribution into t1 -a
Police Pension Fund.
4. That all amounts refunded to the Village will be transferred to
the Police Pension Fund and any additional amount necessary to fully
qualify and enable participation in said fund will be provi ed by the
Village.
ATTEST:C& �VILLAPR IDEN
VILLAS LERK
WILLIAM A. ULKE