DATE: July 27, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russell Truell, Assistant City Administrator / CFO
Shirley K. Harmon-Gower, Director of Human Resources
Sara E. Sylvis, Risk/Benefits Manager
Brian Wilcox, Purchasing Manager
SUBJECT:
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Acknowledge report of execution of Procurement Agreement with Aetna Life Insurance Company of Hartford, Connecticut, in the total estimated annual amount of $99,502 for long-term disability group employee insurance benefits for a three-year term of award with two one-year options to extend, for the Human Resources Department (Purchasing Office Procurement Solicitation No. 2016-019; Contract No. 2016-0113)
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Purpose
The purpose of this procurement is to purchase long-term disability group employee insurance benefits for a term of award of three (3) policy years, effective upon acceptance by the City for the policy year to begin July 1, 2016, with two (2) options to extend the term of award, each time for one (1) additional policy year, for a maximum possible term of award of five (5) policy years total.
Background
At its meeting on May 24, 2016, the Board of Mayor and Aldermen voted to award this procurement for long-term disability group employee insurance benefits to Aetna Life Insurance Company of Hartford, Connecticut. Pursuant to authority previously granted by the Board of Mayor and Aldermen to the City Administrator, the contract memorializing this award (City Contract No. 2016-0113) has now been executed by the City Administrator and is attached.
Financial Impact
As reported previously, the proposal from Aetna Life Insurance Company is in the total estimated annual amount of $99,502 for long-term disability group employee insurance benefits. Aetna is the City's current carrier for these lines of insurance coverage. The Aetna proposal for these lines of coverage is for the same limits of coverage and is for the same premium rates as the City is paying cu...
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