This is for an annual contract for the City of Savannah’s life insurance services from Symetra in an amount of $1,696,736.

The purpose of this contract is to provide group and term life insurance coverage to eligible employees, retirees, spouses, and dependents of the City of Savannah. The City of Savannah makes available to its eligible employees, retirees, and family members access to Basic Life, Basic Accidental Death and Dismemberment (AD&D) Life, Dependent Life, Child Life, Spouse Life, Supplemental Employee Life, Supplemental Employee AD&D, and Waiver & Accelerated Death Benefit.

This is a three-year rate guarantee with three-year cost savings of $712,011, or $237,337 annually, to the City of Savannah. The total estimated annual cost is $1,696,736, of which employees and retirees will pay an estimated $1,362,840, and the City of Savannah will pay an estimated $333,932 annually. This is the most competitive and cost-effective plan. The contract will be effective from January 1, 2027, through December 31, 2029. The City’s employee benefits consultant, USI Insurance Services, conducted a market assessment, and four carriers declined to quote.

All eligible active employees are enrolled in Basic Life (employee’s salary rounded up to the nearest thousand), Dependent Life ($2,500 per dependent on the medical plan), and AD&D policies, which are City-funded, with an estimated premium of $333,932 annually. The Basic Life insurance volume maximum for employees will increase from $100,000 to $150,000.

This contract provides a reduced premium of 42.9% for full-time equivalent employees who work 20 hours or more per week. The contract also provides for a three-year rate guarantee through December 31, 2029. Approval of this contract will result in estimated three-year cost savings of $712,011 to the City of Savannah from the current carrier.

Retirees pay for their Basic and Supplemental policies, and active employees are responsible for their Supplemental Life, Child Life, and Spouse Life policies. The annual premium is estimated at $1,362,804. There is no rate increase for retirees or active employees for the voluntary policies, and the contract provides a three-year rate guarantee through December 31, 2029.

The bidder was:

L.B. Symetra (Portland, OR) (D) — $1,696,736

Delivery: As needed.Terms: Net 30 days.(D) Indicates non-local, non-DBE business.

Approval