SUBJECT/RECOMMENDATION:
Title
Approve a purchase order (contract) in the amount of $378,000 to Unum Life Insurance Company of America for the period January 2018 through December 2018 for city paid life insurance and Long-Term Disability benefit and authorize the appropriate officials to execute same. (consent)
Body
SUMMARY:
The City currently provides life insurance to all full-time employees and provides Long-Term Disability to those employees who do not participate in the City Pension Plan. The coverage will stay with the current carrier (Unum) with 6.8% ($17,300) increase to our current City paid premiums. This increase is within the amount budgeted for 2018.
The coverage is as follows:
• CWA Life in an amount equivalent to 1 ½ times the employee’s annual base salary not to exceed $50,000.
• SAMP Life in an amount equivalent to 1 times the employee’s annual base salary.
• Voluntary SAMP Supplemental Life in incremental amounts of $50,000, not
to exceed $500,000 with premium payroll- deducted from the employee’s salary.
• Basic Life insurance in the amount of $2,500 for all employees except
CWA.
• Basic Life insurance in the amount of $1,000 for grandfathered retirees.
• Long Term Disability Insurance for those employees who do not participate
in the City Pension Plan.
APPROPRIATION CODE AND AMOUNT:
Funding for $378,000 is available through appropriation code: 0590-07590-545500-519-000-00000 for life insurance and 0590-07590-545700-519-000-00000 for Long Term Disability.