SUBJECT/RECOMMENDATION:
Title
Approve an increase to the Blanket Purchase Order BR510631 in the amount of $220,000.00, to Unum Life Insurance Group, for life insurance premiums, for the period June 2016 through December 2016, and authorize the appropriate officials to execute same. (consent)
Body
SUMMARY:
Approve the increase to Blanket Purchase Order BR510631 in the amount of $220,000.00 for the following life insurance premiums: City Basic Life, CWA Life, SAMP Life, SAMP Supplemental Life, Retiree Life and Long Term Disability. On December 4, 2014, Council approved the current purchase order for the term of January 2015 through December 2016, in the amount of $456,000.00. Due to premium increases in January 2015, the premiums have averaged $27,000 a month and the Purchase Order funds have been expended.
Unum provides for the following group life insurance benefits:
CWA Life: 1 1/2 times annual salary, not to exceed $50,000
SAMP Life: 1 times annual salary
Voluntary SAMP Supplemental: in incremental amounts of $50,000, not to exceed $500,000, payroll deducted from employee
Basic Life Insurance in the amount of $2,500 for Police, Fire and SAMP employees;
Long Term Disability Insurance for contract employees who do not participate in the pension;
Retiree Life Insurance in the amount of $1,000 for those who retired prior to October 1, 2008.
APPROPRIATION CODE AND AMOUNT:
Funds are available in cost code 590-07590-545500, Life Insurance Premium, to fund this increase.