Explanation
Funding for the life insurance program is necessary to insure continuation of the program in accordance with the negotiated labor contracts. The Human Resources Director requests to enter into contract with The Hartford Life and Accident Insurance Company and to provide funding from February 1, 2021 through January 31, 2022 for this program.
In 2020, the Human Resources Employee Benefits Office, with the assistance and consultation of the benefits consulting firm, bid out for basic life insurance services for city employees, via RFP015744.
The program services approximately 8,100 active full time employees. The RFP team reviewed seven life insurance providers and interviewed the top two finalists. After careful consideration and evaluation, The Hartford Life and Accident Insurance Company was selected as being the lowest and best bid for short term disability services for the city.
The effective date for the contract is February 1, 2021; the contract term is 3 years, with two (2) one (1) year renewals. This represents year one of the three year contract.
Cost estimates for 2021 are based on the best and final offer from The Hartford.
EMERGENCY DESIGNATION: 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 2021 Employee Benefits Fund for this contract. This ordinance is contingent on the passage of the 2021 insurance appropriation ordinance 0020-2021.
...Title
To authorize the Human Resources Director to enter into contract with The Hartford Life and Accident Insurance Company to provide all eligible employees life insurance coverage from February 1, 2021 through January 31, 2022, and to authorize the expenditure of $1,300,000.00 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,...
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