HomeMy WebLinkAboutItem 08 - Critical Illness and Accident InsuranceMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: SEPTEMBER 21, 2021
SUBJECT: RENEWAL WITH VOYA FOR VOLUNTARY EMPLOYEE BENEFITS
RECOMMENDATION: City Council to consider approval to renew annual contracts with Voya
Financial for voluntary critical illness and accident insurance.
FUNDING SOURCE: Funds are available in General Fund 100, Health Insurance Premium in
the estimated annual amount of $105,000.
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 this is the third renewal of the three year
contract. Voluntary coverage premiums will not increase for FY2022. City
staff reviewed the renewal option and determined that Voya Financial's
current plan would continue to provide the best service and pricing for
meeting the needs of the City.
Staff recommends approval.
GJ