Explanation
BACKGROUND:
Funding for the life insurance program is necessary to ensure continuation of the program in accordance with the negotiated labor contracts. The Human Resources Department requests to contract with The Hartford Life and Accident Insurance Company and to provide funding from February 1, 2025 through January 31, 2026 for this program.
The contract term is 3 years, with two (2) one (1) year renewals. This represents year two of the two year renewal or year five of the contract. There are no additional renewals available for this contract.
The cost estimate for 2025 is based on 2024 benefits fund expenditures and expected changes due to union negotiations.
Emergency action is requested to ensure the life insurance program for city employees is able to commence as soon as contractually possible, thereby maintaining continuity of service.
FISCAL IMPACT: Funding is available in the 2025 Employee Benefits Fund for this contract. This ordinance is contingent on the passage of the 2025 insurance appropriation ordinance 3201-2024.
Title
To authorize the Director of the Human Resources Department to renew a contract with The Hartford Life and Accident Insurance Company to provide all eligible employees life insurance coverage from February 1, 2025 through January 31, 2026, and to authorize the expenditure of $2,500,000.00 from the Employee Benefits Fund, or so much thereof as may be necessary to pay the costs of said contract; and to declare an emergency. ($2,500,000.00)
Body
WHEREAS, it is in the best interest of the City of Columbus to contract with The Hartford Life and Accident Insurance Company to provide all eligible employees basic life insurance administration from February 1, 2025 through January 31, 2026; and
WHEREAS, it is necessary to authorize the expenditure of up to $2,500,000.00, or so much thereof as may be necessary to pay contract costs for life insurance services; and
WHEREAS, an emergency exists in the usual da...
Click here for full text