Title
Resolution to Authorize Payments to Unum Life Insurance Company of America and to Renew Associated Group Term Life, Accident, and Disability Insurance Policies for City Employees and their Eligible Dependents, and to Authorize the City Administrator to Execute the Necessary Documentation ($570,159.00 in 2026, $570,159.00 in 2027)
Memorandum
The attached Resolution authorizes renewal of the group term life, optional life, accidental death and dismemberment, short-term disability, and optional long term disability insurance policies with our group insurance provider, and related payments. The City is in a current contract with Unum Life Insurance Company of America through 12/31/2025. Unum's products are fully insured. The City will pay the total cost of basic insurance premiums and share with employees the cost of employee optional 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.
Marsh & McLennan Agency, our healthcare advisor, conducts the bidding on our behalf and recommends a service provider. We went out to bid in 2025 for the 2026 plan year. UNUM remained the best option with a two-year rate guarantee through 2027. UNUM held these rates again for plan years 2026 & 2027 for group term life, optional life, accidental death and dismemberment, long-term disability, and short-term disability. UNUM has proven to be an excellent partner offering superior customer service and various ways to ease administration for these complex benefits.
Budget/Fiscal Impact: The above referenced cost projections are in accordance with the approved FY26 Risk Fund budget and anticipated FY27 and FY28 Risk Fund budget. The benefit coverage levels will remain the same for the FY26-FY28, as currently underwritten.
Staff
Prepared By: Kimberly Barry, Employee Benefits Supervisor
Reviewed By: Monica Boot...
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