Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />SEPTEMBER 7, 2010 <br />TITLE: <br />EMPLOYEE GROUP INSURANCE <br />RENEWALS <br />TY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Ordinance on 1St 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 Clerk of the Council to <br />execute agreements for long term disability, medical, dental, vision, employee assistance, <br />employee group life and accidental death and dismemberment insurance. <br />DISCUSSION <br />The City's employee group benefit policies, contracts and agreements are renewed annually on <br />January 1. Currently the City provides life and accidental death & dismemberment (AD&D) <br />coverage and long-term disability (LTD) insurance through AIG Life Insurance Company for full- <br />time employees. AIG has agreed to renew our Accidental Death and Dismemberment insurance <br />agreement with no increase in cost for a one year period through December 31, 2011. AIG has <br />agreed to a rate decrease of approximately 23.1 % for Life rates and has agreed to a two-year rate <br />guarantee for Life rates through December 31, 2012. We are currently in the second year of a two- <br />year rate guarantee for our Long Term Disability insurance through December 31, 2011. <br />Life Insurance <br />Insurance Coverage Current Insurance Insurance Percent Change <br /> Rate Renewal Rate <br />Life Insurance $0.13 per $1000 $0.10 per $1000 -23.1% <br />Accidental Death & $0.0285 per $1000 $0.0285 per $1000 0.0% <br />Dismemberment <br />25E-1