Explanation
BACKGROUND: As a result of a Request For Proposal process in accordance with Section 329.14 of the Columbus City Codes, two 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 required 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. Consumers Life Insurance Company is recommended as the life insurance administrator. The life insurance rate is effective February 1, 2014 until January 31, 2015, renewable annually with a two year renewal option. Consumers Life Insurance Company offers the ability to duplicate negotiated benefits.
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 2012-13 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.
Contract Compliance number: 34-1922587
FISCAL IMPACT: To enter into contract with Consumers Life Insurance Company to establish the maximum obligation liability, and to authorize the expenditure of $1,250,000.00 for life insurance services from February 1, 2014, through January 31, 2015. Funding is available in the 2014 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 contract with Consumers Life Insurance Company to provide all eligible employees life insurance coverage from February 1, 2014, through January 31, 2015, and to authorize the expenditure of $1,250,000.00 from the Employee Benefits Fund,...
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