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 ($1,340,685.00)
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 12/31/2020. The estimated annual cost of this employee benefit is $609,402 annually.
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.
The above referenced cost projections are in accordance with the approved FY19 budget and anticipated FY20 budget. The benefit coverage levels will remain the same for the FY19 and FY20, as currently underwritten.
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, accidental death and dismemberment coverage, optional 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 $609,402 annually;
Whereas, The City's contract with Unum Life...
Click here for full text