Laserfiche WebLink
Life Renewal: <br />Standard came back with the best negotiated rates on life insurance extending the contract for <br />another year. There is an increase in the basic life amounting to a$730 annual increase in cost <br />to the City. However, the voluntary lines will remain constant with no change in the cost and <br />no change in coverage was made to the plan. <br />�'ina�►eia� Im�act: <br />The City has a proposed healthcare budget for 2007 at an additional $103,408 over the 2006 amount. <br />This funding is adequate to support the needs after the plan design changes. <br />First, through strong negotiations (got medical plan increase reduced from 29% _$299, 869 increase to <br />15.1% _$155,649 increase), and by making some slight plan concessions in our healthbenefit renewals <br />(got total increase down to 9.5%= $98,561 overall increase). <br />Life insurance will have only a minimal $730 annual impact; and Dental and Long Term <br />Disability insurance will have no additional financial impact to the City for 2007. <br />Council Action Reauested: <br />Staff seeks a Council Motion approving the insurance program and fund allocation as <br />described above with the respective contracts (subj ect to review and approval by the City <br />Attorney). <br />