REQUEST FOR CITY COUNCIL ACTION
DATE: 06/16/2021
TO: Honorable Mayor and City Council Members
FROM: Human Resources
SUBJECT:
Title
Renewal of the Group Insurance Policy for Calendar Years 2021-2022 and Approval of a Group Insurance Amendment
End
EXECUTIVE SUMMARY:
City Council consideration and approval of the Group Insurance Policy Renewal with our current carrier, The Standard Insurance Company. Following an RFP process in 2020, the City elected to remain with The Standard at no change in current cost.
The Standard has also requested an Amendment to the Group Insurance Policy that will remove certain limitations to our Long-Term Disability insurance for employees. The Amendment will also extend the Return to Work Incentive to 24-months. Both of these additional benefits come at no cost to the City or its employees.[RB1]
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Designate the City Manager, or his designee[RB2], as the Authorized Signer for Group Insurance policies.
b. Approve the renewal of the short-term and long-term disability, life, and employee assistance insurance policies with The Standard Insurance Company for Calendar Years 2021 and 2022.
c. Approve the Group Insurance Amendment with The Standard Insurance Company for additional Long-Term Disability benefits and an extended Return to Work Incentive to be effective April 1, 2021.
Body
BACKGROUND & HISTORY:
The City's current short-term disability, long-term disability, life insurance, and employee assistance insurance policies are provided by The Standard Insurance Company. In 2020, the City elected to undertake an RFP process for a group insurance provider to provide the policies listed above. At the completion of the bid process, The Standard Insurance Company was selected to remain the provider for the City.
ANALYSIS:
The City partners with a premier insurance brokerage and consulting firm, USI, to help select group insurance providers. USI request...
Click here for full text