Explanation
BACKGROUND: As a result of a Request For Proposal process in accordance with Section 329.14 of the Columbus City Codes, four life insurance bid responses were reviewed by the City's Evaluation Committee, comprised of five members. Each proposal was evaluated on the following criteria as requested by section 329.14: competency to perform, quality and feasibility of the offerors technical proposal, ability to perform the required service competently, past performance, and the cost structure of the proposal. Standard Insurance is recommended as the life insurance plan administrator. Standard Insurance quoted a fully insured three year guaranteed rate of $.120 per $1,000 volume, effective February 1, 2008 until January 31, 2009 renewable annually with a two year renewal option. Standard Insurance offers the ability to duplicate negotiated benefits.
Contract Compliance number: 93-0242990
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 2006-07 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.
FISCAL IMPACT: To enter into a contract with Standard Insurance to establish the maximum obligation liability, and to authorize the appropriation and expenditure of $1,395,680.00 for life insurance services from February 1, 2008, through January 31, 2009. Funding is available in the 2008 budget for this contract. This ordinance is an emergency measure to ensure continued insurance coverage as negotiated by union contracts.
Title
To authorize the Human Resources Director to enter into a contract with Standard Insurance to provide all eligible employees life insurance coverage from February 1, 2008, through January 31, 2009; to authorize the appro...
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