HomeMy WebLinkAboutItem 11 - Voluntary Critical Illness and Accident InsuranceMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: AUGUST 7, 2018
SUBJECT: APPROVAL OF A CONTRACT WITH VOYA FINANCIAL FOR
VOLUNTARY EMPLOYEE BENEFITS
RECOMMENDATION: City Council to consider an annual contract with Voya Financial for
voluntary critical illness and accident insurance.
FUNDING SOURCE: Funds are available in account 100-45674-109-1 (Health Insurance
Premiums) in the estimated amount of $78,000.
BACKGROUND: The City provides the option for employees to purchase critical illness and
accident insurance coverage. Critical illness insurance pays a lump -sum
benefit if you are diagnosed with a covered illness or condition. Accident
insurance pays you benefits for specific injuries and events resulting from
a covered accident.
This contract is for one year and may be renewed for up to two
consecutive, one-year terms. The rate is guaranteed for three years. This
contract is identical to the contract approved by City Council in 2015 and
will not realize a premium increase for FY2019.
City staff reviewed the contract and determined that Voya Financial would
continue to provide the best service and pricing for meeting the needs of
the City.
Staff recommends approval.