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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />/~.l <br />~.~ <br />~ <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />OCTOBER 3, 2005 <br />TITLE <br /> <br />EMPLOYEE GROUP INSURANCE <br />RENEWALS <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 1" Reading <br />o Ordinance on 2nc Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />~a <br /> <br />CIT 'MANA' ER ------ <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Authorize the City Attorney to prepare and authorize the City Manager and <br />Clerk of the Council to execute agreements for employee group life and <br />accidental death & dismemberment, long-term disability, medical, dental <br />and employee assistance program insurance. <br /> <br />DISCUSSION <br /> <br />The City's employee group benefit policies, contracts, and agreements are <br />renewed annually on January 1. Currently we provide life and accidental <br />death & dismemberment coverage and long term disability insurance through <br />AIG Life Insurance Company for full-time employees. Although other <br />insurance benefit costs are increasing next year, AIG has agreed to renew <br />our life insurance and long-term disability agreements at a slight <br />premium decrease while maintaining the current benefit structure. The <br />rate reduction for the life insurance is for a one-year period, while the <br />rate reduction for the long-term disability is for a two-year period. <br /> <br />Life Insurance <br /> <br />Insurance Current Insurance Percent Change <br />Coverage Insurance Rate Renewal Rate <br />Life Insurance $0.175per $1000 $0.130 per $1000 -25.7% <br />Accidental Death $0.03 per $1000 $0.03 per $1000 0.0% <br />& Dismemberment <br /> <br />25F-1 <br />