Tuesday, August 30, 2016

The Opaque Nature of the 2002 Vote for the Costly Variable Life Insurance Policies

In the Protecting Germantown Employees Comes at a High Cost for Taxpayers post dated July 16,  I discussed the insurance policies for upper level Germantown employees and elected officials that have cost the city 1.5 million dollars in premiums to date, with future obligations that are certain to be costly. These are the policies that made "little or no sense" according to the attorney hired by the city.  Rocky Janda confessed to the Commercial Appeal that it took him three or four months to even understand them.

A bit of the history of these expensive and confusing policies is revealed by the open records requests.  As can be seen in this document, these Equitable policies were quietly and quickly passed after a vote for playground equipment, in the same resolution as the renewal of the Unum disability policies, making it look as though these complex and costly life insurance policies were simply renewals. This is the opposite of sunshine, of course. Take a look for yourself:  

There was no opportunity for these policies to be scrutinized by the public. Surely the citizens of Germantown deserved more transparency than this from their officials.

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