§ 2-202. Cumulative nonreverting health insurance fund.

(a)

A cumulative nonreverting fund is established for the purpose of implementing and maintaining a partially self-insured medical reimbursement plan for the benefit of the fulltime employees of the city and such officers as may be authorized by resolution or ordinance.

(b)

There is established a fund to be known as the "Nonreverting Logansport Health Insurance Fund."

(c)

The city clerk-treasurer shall upon receipt deposit all monies received through the annual reconciliation settlement with the health care administrator and all monies appropriated for health insurance, but not spent, transferred, encumbered or otherwise disbursed, into the nonreverting city health insurance fund.

(d)

Monies received through the annual reconciliation settlement with the health care administrator are to be kept in reserve until such time as to prevent excessive funding increases due to high claim years.

(e)

After a balance of $300,000.00 is attained in this fund, the minimum balance shall not go under the amount of $300,000.00 except in the event of an extreme emergency as deemed by the common council.

(f)

The maximum balance allowed will be $500,000.00 to remain in the nonreverting health insurance fund at all times.

(g)

All monies deposited into the nonreverting health insurance fund shall come from the annual reconciliation settlement with the health insurance provider or from money appropriated for health insurance, but not spent, transferred, encumbered or otherwise disbursed.

(Ord. No. 2002-24, §§ 1—7, 9-3-2002; Ord. No. 2002-50, §§ 1—7, 12-16-2002)

State law reference

Authority to establish nonreverting fund for health insurance, IC 36-1-8-6(c).