Title
Resolution authorizing continuance of Prudential coverage for employee Group Life, AD&D, STD, LTD, and, Voluntary Life and AD&D coverage for employees with a 2-year rate guarantee. No budget adjustment is necessary for this action.
Summary
Description of Topic: (who, what, where, when, why and how much)
This is a resolution to authorize continuing Prudential coverage for employee Group Life, AD&D, STD, LTD, and, Voluntary Life and AD&D coverage for employees with a 2-year rate guarantee. Comparatively with Sun Life, this is the best rate for the insurance. Overall rates increased approximately $4,000 annually and/or approximately $2k for the remainder of the FY18 budget year. However, no budget adjustment is necessary or being requested for this action as we believe the current budget can absorb the $2k increase spread over the various departments.
Budgetary Impact:
Non-Capital Item:
__X__ Budgeted under account #100-xxx-1041 (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, There is a desire to continue Prudential insurance coverage for Group Life, AD&D, STD, LTD, and, Voluntary Life and AD&D coverage for employees with a 2-year rate guarantee. Comparatively with Sun Life, this is the best rate for the insurance, and
WHEREAS, Overall rates increased approximately $4k +/- annually and/or approximately $2k +/- for the remainder of the FY18 budget year. However, no budget adjustment is necessary or being requested for this action as we believe the current budget can absorb the $2k increase spread over the various departments.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves the current quote for Prudential insurance coverage for Group Life, AD&D, STD, LTD, and, Voluntary Life and AD&D coverage for employees with a 2-year rate guarantee as reflected on the attached quote.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.