Title
RESOLUTION NO. 21R-08-167: A RESOLUTION APPROVING THE RENEWAL OF NEW YORK LIFE/CIGNA AS THE CITY OF LAUDERHILL'S BASIC GROUP LIFE/ACCIDENTAL DEATH & DISMEMBERMENT, SHORT-TERM DISABILITY, VOLUNTARY LONG-TERM DISABILITY AND VOLUNTARY TERM LIFE INSURANCE PROVIDER; PROVIDING A GUARANTEE IN RATES FOR THE TERMS PROVIDED FOR EACH TYPE OF POLICY FOR THE PERIOD ENDING SEPTEMBER 30, 2023; PROVIDING FOR AN EFFECTIVE DATE (REQUIRED BY CITY MANAGER, DESORAE GILES-SMITH).
Body
A RESOLUTION APPROVING THE RENEWAL OF NEW YORK LIFE/CIGNA AS THE CITY OF LAUDERHILL'S BASIC GROUP LIFE/ACCIDENTAL DEATH & DISMEMBERMENT, SHORT-TERM DISABILITY, VOLUNTARY LONG-TERM DISABILITY AND VOLUNTARY TERM LIFE INSURANCE PROVIDER; PROVIDING A GUARANTEE IN RATES FOR THE TERMS PROVIDED FOR EACH TYPE OF POLICY FOR THE PERIOD ENDING SEPTEMBER 30, 2023; PROVIDING FOR AN EFFECTIVE DATE (REQUIRED BY CITY MANAGER, DESORAE GILES-SMITH).
Request Action:
To approve New York Life/Cigna as the City of Lauderhill's Basic Group/Accidental Death & Dismemberment, Short-Term Disability, Voluntary Long-Term Disability and Voluntary Term Life Insurance provider.
Need:
To provide Basic Group Life/Accidental Death & Dismemberment, Short-Term Disability, Voluntary Long-Term Disability and Voluntary Term Life Insurance benefits to the City's eligible employees.
Summary Explanation/ Background:
New York Life/Cigna has guaranteed its rates for the Basic Term Life Insurance, AD&D, Managerial Term Life Insurance, STD, voluntary LTD and voluntary Term Life Insurance through September 30, 2023.
Attachments:
New York Life/Cigna Recommendation Letter
Cost Summary/ Fiscal Impact:
Projected annual premiums for the Basic Group Life/AD&D and Short-Term Disability insurance = $161,000.
Estimated Time for Presentation:
Less than 5 Minutes.
Master Plan:
Goal 1: Clean, Green Sustainable Environment
[ ] Increase mass transit ridership [ ] Reduce City energy consumption
[ ] Reduce water consumption
Goal 2: S...
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