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25D - EMPLOYEE GROUP INSURANCE RENEWALS
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25D - EMPLOYEE GROUP INSURANCE RENEWALS
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Last modified
1/3/2012 4:17:28 PM
Creation date
7/28/2009 10:45:06 AM
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City Clerk
Doc Type
Agenda Packet
Item #
25D
Date
8/3/2009
Destruction Year
2014
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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />AUGUST 3, 2009 <br />TITLE: <br />EMPLOYEE GROUP INSURANCE <br />RENEWALS <br />n <br />/ ; <br />,~ `t~s.,___---_ <br />~ i~ <br />L- <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 151 Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Attorney to prepare and authorize the City Manager and <br />Clerk of the Council to execute agreements for long term disability, <br />medical, dental, vision, employee assistance, employee group life and <br />accidental death and dismemberment insurance. <br />DISCUSSION <br />The City's employee group benefit policies, contracts and agreements are <br />renewed annually on January 1. Currently the City provides life and <br />accidental death & dismemberment (AD&D) coverage and long-term disability <br />(LTD) insurance through AIG Life Insurance Company for full-time <br />employees. The contract with AIG is up for renewal and these rates will <br />decrease approximately 14.6%. AIG has agreed to a two-year rate <br />guarantee for Life and LTD rates through December 31, 2011 and a one-year <br />rate guarantee for AD&D rates through December 31, 2010. <br />Life Insurance <br />Insurance Current Insurance Percent Change <br />Coverage Insurance Rate Renewal Rate <br />Life Insurance $0.15 per $1000 $0.13 per $1000 -13.3% <br />Accidental Death $0.03 per $1000 $0.0285 per $1000 -5.Oo <br />& Dismemberment <br />25D-1 <br />
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