Title
A RESOLUTION APPROVING CHANGE IN CITY’S INSURANCE PROVIDER FOR EMPLOYEE BASIC LIFE, VOLUNTARY LIFE, SHORT TERM DISABILITY AND LONG TERM DISABILITY INSURANCE BENEFITS FOR THE
PERIOD BEGINNING FEBRUARY 1, 2013.
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Consider resolution approving One America as the City’s Insurance provider for employee Life Insurance and Short and Long Term Disability. By changing providers, the estimated savings to the City totals $36,607.35 annually. This savings is calculated by comparing the actual FY11-12 premium costs as compared to the One America quote (attached). The One America policies have been closely analyzed to ensure the policy is comparable to what employees currently have and will not result in any loss of insurance provisions that employees currently hold. Our recommendation is to approve the 30-day waiting period for STD with a 2 year rate guarantee. If approved by Council, this would be effective beginning February 1, 2013. If approved moved resolution to Council Agenda.
SOURCE OF FUNDING:
Please provide the amount requested: __N/A__________
Is this a budgeted item? Yes
Please provide the budgeted amount: $104,923 Account No. 01-XXX-1041
If budgeted, is this a capital purchase, capital project, or special fund? NO
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, Lincoln Financial is the current provider for employee Basic Life, Voluntary Life (employee, spouse & child), 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, it is recommended that the standard waiting period for ST...
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