HomeMy WebLinkAbout2018-142 (employee basic life insurance policy effective September 1, 2018) RESOLUTION 2018-142
APPROVING CITY OF STILLWATER EMPLOYEE BASIC LIFE INSURANCE POLICY
EFFECTIVE SEPTEMBER 1, 2018
WHEREAS,the City of Stillwater Labor-Management Insurance Work Group has spent
the past six months reviewing the current Insurance products available to City employees; and,
WHEREAS,in order to review the insurance market for competitive pricing for insurance
products for City employees, the Insurance Work Group involved CBIZ, the City's insurance
consultant to assist in developing an RFP for employee insurance products including the City
provided employee basic life insurance policy; and,
WHEREAS, responses to the RFP for basic employee life insurance were evaluated and
the top firms were interviewed by the Insurance Work Group; and
WHEREAS, the City received quotes for the provision of City paid employee basic life
insurance policy for higher coverage amounts at less cost to the City than the current basic life
insurance policy of$20,000 coverage costing$5,875 in 2018.
WHEREAS, based upon an evaluation of the proposals and quotes received in response
to the RFP, and interviews with the top firms, the Insurance Work Group recommends that the
City Council accept the proposal from Lincoln Financial,the carrier underwriting the policy as
part of the National Joint Powers Alliance (NJPA) represented by Integrity Benefits, LLC, for
provision of basic life insurance policy benefit in the amount of$30,000 per employee at an
annual cost of$4,363 guaranteed for 36 months.
NOW THEREFORE BE IT RESOLVED, by the City Council of Stillwater,
Minnesota, that the City provided employee basic life insurance be increased to a $30,000
policy effective September 1, 2018, with Integrity Benefits, LLC, who represents Lincoln
Financial as part of the National Joint Powers Alliance (NJPA)trust at an annual cost of$4,373
guaranteed for 36 months.
BE IT FURTHER RESOLVED that the Stillwater City Council authorizes the Mayor
and City Clerk to sign the agreement.
Adopted by the City Council of the City of Stillwater this 3 r d day of July, 2018.
..zer .
Ted Kozlowski, Mayor
ATTEST:
Diane F. Ward, City ler