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| December 19, 2019 City Council Regular Meeting | |
| Title 48. Motion to Authorize the City Manager to Execute a Renewal of a Sole Source Contract with VOYA Life Insurance for Employee Life Insurance Policies in the Estimated Amount of $1,600,000 (Event No. 7578) | |
| Strategic Priority Good Government | |
| Description Recommend approval to renew an annual contract for the City of Savannah’s life insurance policy from VOYA Life Insurance in the estimated amount of $1,600,000. The City of Savannah makes available to its eligible employees, retirees and family members access to term life insurance coverage. The group term life policy includes Basic Life, Basic Accidental, Death and Dismemberment (AD&D) Life, Basic Dependent Life, Supplemental Employee Life, Supplemental Employee AD&D, Waiver & Accelerated Death Benefit. The estimated cost is $1,600,000 of which the employees and retirees pay an estimated $1,000,000 of the cost. The City will pay an estimated $600,000 towards the policy. The contract term shall be January 1, 2020 through December 31, 2020. | |
| Recommendation Approval | |
| Contact Jeff Grant, Human Resources Director | |
| Financial Impact Expenditure of $600,000 from the Risk Management Fund | |
| Review Comments | |
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Attachments Exhibit 1: Purchasing Summary - Life Insurance.pdf Exhibit 2: Funding Verification - Life Insurance.pdf |
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