|
Agenda Item: 7(a) |
Prepared By: Leslie W. Sanford |
|
Business: Consent Agenda |
Department: Human Resources |
Subject:
Title
Approval of Employee Insurance Plans
Body
BACKGROUND:
Attached for City Council’s approval are the annual renewal contracts for employee health, dental, vision, life and disability insurance.
Each year the employee benefit committee meets with our Agent of Record, The Gehring Group, Inc., to review our insurance coverage and negotiate agreements for the new fiscal year. Annually our consultants negotiate on behalf of the City and obtain quotes, evaluate the costs versus the coverage, and give the City their recommendations. Staff recommends approval of the consultant’s recommendation of proposed coverage, as we believe it is in the best interest of the City.
EMPLOYEE INSURANCE RENEWAL
Our Agent of Record, The Gehring Group, Inc., presented the renewal to City Staff on August 26, 2021. The premium rate for health insurance has increased for the upcoming year. The dental insurance carrier and premiums remain the same. The vision insurance carrier and premiums remain the same. The rate for life insurance, short-term and long-term disability remain the same for FY22. The budget is allocated to each department and is sufficient to fund the premium as presented.
FUNDING SOURCE / FISCAL IMPACT:
A premium increase of 7%, or approximately $220,000.00 city-wide, was budgeted in the approved FY22 budget. The rate for dental, vision, life insurance and short-term and long-term disability remain the same for FY22.
RECOMMENDATION:
Authorize the City Manager to execute the Contracts for employee health, dental, vision, life, and disability insurance.
POTENTIAL MOTION: “I move approval of employee insurance plans.”