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|October 24, 2019, City Council Regular Meeting|
25. Motion to Authorize the City Manager to Renew an Annual Contract with The Standard Insurance Company for Long Term Disability Coverage in the Estimated Amount of $226,146 (Event No. 7439)
Recommend approval to authorize the City Manager to renew an annual contract with The Standard Insurance Company for long term disability coverage in the estimated amount of $226,146. The purpose of this renewal contract is to provide group long term disability insurance coverage to eligible active employees. The coverage is City funded for the fully insured group long term disability insurance. This renewal provides a reduced premium of 17.2% for full-time equivalent workers who work 20 or more hours per week. The renewal also provides for a rate guarantee through July, 1, 2022. This is a sole source because the City’s employee benefits consultant, USI Insurance Services, conducted a market assessment and determined this renewal is the most cost efficient plan.
The contract term shall be from October 24, 2019 through July 20, 2020.
Jeff Grant, Director of Human Resources
Expenditure in the Estimated Amount of $226,146 from the Risk Management Fund
Exhibit 1: Purchasing Summary - Standard Insurance Company.pdf
Exhibit 2: Funding Verification - Standard Insurance Company.pdf