Label
Employee Life Insurance (MetLife)
Human Resources
Michael Niedzielski (x2182)
Revised
Title
Authorizing the Mayor to enter into a three-year agreement with MetLife for the provision of life insurance coverage for City of Toledo employees with the option to renew for two one-year terms; authorizing the expenditure not to exceed $250,000 annually; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo provides life insurance coverage for employees as part of its employee benefits package. The City's current Agreement for that purpose, with Anthem Life Insurance Company, expires on December 31, 2024.
The Department of Human Resources sought competitive proposals from August 30, 2024 through October 1, 2024. Five (5) proposals were submitted. Each proposal was reviewed by the department, McGohan Brabender (the City's benefit consultants), and the Healthcare Cost Containment Committee. MetLife presented the lowest and best proposal. It is estimated that the cost associated with the proposed Agreement will be approximately $214,811 per year, but this is subject to small changes based on staffing levels.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into a three-year agreement, with the option to renew for two one-year terms to provide life insurance coverage for City employees. Such agreement shall contain terms and conditions deemed proper and requisite according to the Director of Law and the Director of Human Resources.
SECTION 2. That subject to annual appropriations, an expenditure of an amount not to exceed $250,000 for life insurance policy premiums are authorized from Account Code 7083-17100-1156001STDSTD.
SECTION 3. That the Finance Director is authorized to draw her warrant or warrants against Account Code 7083-17100-1156001STDSTD in payment of obligations as authorized herein upon presentation of pro...
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