Explanation
BACKGROUND:
To maintain insurance programs in accordance with the negotiated labor contracts, additional funding of the life insurance program is necessary to insure continuation of employee insurance coverage. Cost estimates were based on 2013-14 trust fund expenditures using a three year average of actual city utilization, expected changes due to union negotiations, as well as input from insurance carriers. The Consumer Life Insurance Company contract is a three year contract, subject to annual appropriations; this ordinance represents the second year.
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.
Contract Compliance number: 34-1922587
FISCAL IMPACT: To modify and extend the contract with Consumers Life Insurance Company to establish the maximum obligation liability, and to authorize the expenditure of $1,200,000 for life insurance services from February 1, 2015, through January 31, 2016. Funding is available in the 2015 budget for this contract. This ordinance is an emergency measure to ensure continued insurance coverage as negotiated by union contracts. Contingent on the passage of the 2015 Operating Budget (ordinances 2620-2014 and 2621-2014).
Title
To authorize the Human Resources Director to modify and extend the contract with Consumers Life Insurance Company to provide all eligible employees life insurance coverage from February 1, 2015, through January 31, 2016, and to authorize the expenditure of $1,200,000.00 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. ($1,200,000.00)
Body
WHEREAS, it is in the best interest of the City of Columbus to modify and extend the contract with Consumers Life Insurance Company to provide all eligible employees life insurance from February 1, 2015 through January 31, 201...
Click here for full text