Title
Resolution to Authorize Payments with Unum Life Insurance Company to Provide Group Term Life and Disability Coverage to City Employees and their Eligible Dependents and to Authorize the City Administrator to Execute the Necessary Documentation
Memorandum
The attached Resolution authorizes the payments of the group term life, accidental death and dismemberment, short-term disability, and long term disability coverage with our group insurance provider. The City is in a current contract with Unum Life Insurance Company of America through 12/31/17. The estimated annual cost of this employee benefit is $420,000 (January-December, 2017).
This Plan is a fully-insured program, and requires the City to pay for the total cost of basic life insurance premiums, and share with employees the cost of employee optional life insurance premiums. Employee labor contracts and employee benefit plans establish the level of life insurance, accidental death and dismemberment, and short term and long-term disability insurance coverage for City employees.
The above referenced cost projections are in accordance with the approved FY17 budget and anticipated FY18 budget, barring any unforeseen circumstances. The benefit coverage levels will remain the same for the FY17 and FY18 as currently underwritten with the addition of a new voluntary life benefit of 3x annual salary.
Staff
Prepared By Jessica Hull, Employee Benefits Supervisor
Reviewed By: Robyn Wilkerson, Director of Human Resources and Labor Relations
Approved By: Howard S. Lazarus, City Administrator
Body
Whereas, The City provides group term life insurance coverage to City employees and their eligible dependents, optional life insurance coverage, long-term disability coverage and short-term disability coverage in accordance with the employee benefits program and various labor contracts at an estimated annual cost of approximately $420,000.00;
Whereas, The City's contract with Unum Life Insuran...
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