Title
A Resolution Approving Change in The City's Insurance Provider for Employee Basic Life, Voluntary Life, AD&D, Short Term Disability and Long Term Disability Insurance Benefits for the Period Beginning April 1, 2016.
Summary
A Resolution Approving Change in The City's Insurance Provider for Employee Basic Life, Voluntary Life, AD&D, Short Term Disability and Long Term Disability Insurance Benefits for the Period Beginning April 1, 2016.
Budgetary Impact:
Non-Capital Item:
_X___ Budgeted under account # various personnel accounts
____ 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, One America is the current provider for employee Basic Life, Voluntary Life (employee, spouse & child), AD&D, Short Term Disability (STD) & Long Term Disability (LTD) insurance benefits, and
WHEREAS, the cost of these benefits continue to rise and measures continue to be taken by Human Resources to obtain quotes from the market in order to select the best insurance product at the best cost to the City and the employees, and
WHEREAS, quotes were obtained as reflected on the attached quote analysis and it has been determined that Prudential Insurance Company of America has provided a comparable product at the best price, with a two-year rate guarantee, at an anticipated savings of approximately $27,397 annually.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: The City accepts the proposal as attached of Prudential Insurance Company of America to provide employee Basic Life, Voluntary Life (employee, spouse & child), AD&D, Short Term Disability (STD) & Long Term Disability (LTD) insurance benefits with a two-year rate guarantee.
SECTION 2: The attached proposal of Prudential Insurance Company of America becomes a permanent part of this resolution upon adoption and is effective for the period beginning April 1, 2016.
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.