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| September 24, 2026 City Council Regular Meeting | |
| Title 26. Authorize the City Manager to Execute a Contract for Long-Term Disability Insurance Services with the Symetra in the Amount of $204,070. (Human Resources,) | |
| Strategic Priority GOAL 5: Improve Quality of Life by Raising Municipal Service Standards | |
| Description This is for an annual contract for long-term disability coverage with Symetra in the amount of $204,070. The purpose of this contract is to provide group long-term disability insurance coverage to eligible active employees. The City’s employee benefits consultant, USI Insurance Services, conducted a market assessment, and four carriers declined to quote. The coverage is City-funded, and the estimated premium is $204,070 annually for the fully insured group long-term disability insurance. This contract provides a reduced premium of 44.3% for full-time equivalent employees who work 20 or more hours per week. The contract also provides for a three-year rate guarantee through December 31, 2029. Approval of this contract will result in three-year cost savings of $486,876 to the City of Savannah from the current carrier. This contract provides a three-year rate guarantee and three-year cost savings of $486,876, or $162,292 annually. The contract will be effective January 1, 2027, and will expire on December 31, 2029. The bidder was: L.B. Symetra (Portland, OR) (D) — $204,070 (D) Indicates a non-local, non-DBE-owned business. | |
| Recommendation Approval | |
| Contact Jeff Grant, Senior Director Human Resources | |
| Financial Impact Expenditure of $204,070 from Risk Management Fund | |
| Review Comments | |
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Attachments Exhibit 1: Funding Verification- Long Term Disability Insurance Exhibit 2: Purchasing Note- Long Term Disability Insurance |
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