Label
COT Employee Life Insurance.
Human Resources
C.W. Brown (x1563)
(Revised)
Title
Authorizing the Mayor to enter into an Agreement for the provision of life insurance coverage for city of Toledo employees for a term of three (3) years; authorizing the expenditure of an amount not to exceed $173,181.50 per year; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The city of Toledo provides life insurance coverage for employees as part of their Employee Benefits. The City of Toledo's Agreement with Metlife Life Insurance Company, the incumbent provider expires on December 31, 2018.
The City of Toledo's Human Resources Department sought competitive proposals in accordance with law and received six (6) responsive proposals for life insurance coverage services. The Human Resources Department reviewed each proposal and determined that Anthem Life Insurance Company presented the lowest and best proposal. It is estimated that the cost associated with the proposed Agreement will be approximately $173,181.50 per year.
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 Anthem Life Insurance Company to provide life insurance coverage. 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 the expenditure of $173,181.50 per year is authorized over the life of the agreement authorized in Section 1.
SECTION 3. That the Finance Director is authorized to draw her warrant or warrants against Account Code 1098-150325 in payment of obligations as authorized herein upon presentation of proper voucher or vouchers. That said costs shall then be allocated to GL Account 517400 within the various City organizations units.
SECTION 4. That this ordinance is declared to be an emergency measure and shall be in force...
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