HomeMy WebLinkAboutItem 19 - Insurance PlacementMEMO TO:
FROM:
MEETING DATE:
SUBJECT:
RECOMMENDATION:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
BRUNO RUMBELOW, CITY MANAGER
SEPTEMBER 20, 2016
APPROVAL TO RENEW ANNUAL CONTRACTS FOR
INSURANCE PLACEMENT
City Council to consider approval to renew annual contracts with Unum and Voya Financial
for insurance placement for employees.
FUNDING SOURCE:
Funds are available in account 100-45552-109-1 (Disability/Life Insurance Premium) in
the estimated annual amount of $150,000.00.
BACKGROUND:
Request for proposals were taken in accordance with Texas Local Government Code
Chapter 252.022. RFP 428-2015, Insurance Placement, was issued and opened publicly
on May 29, 2015.
The RFP public notice was placed in the Fort Worth Star Telegram on May 14 and 21,
2015. There were 68 invitations sent out through the eBid Procurement system. Sixteen
companies submitted proposals.
After the best and final proposals were received and evaluated the evaluation team chose
Unum as providing the best value proposal for basic life/Accidental Death &
Dismemberment (AD&D), long term disability, voluntary employee and dependent
life/AD&D and voluntary short term disability. The best value proposal for voluntary critical
illness and voluntary accident policy was Voya.
Renewal includes a rate guarantee so premiums will remain the same as last year. This
request will be the final renewal option available.
Staff recommends approval.
MH/BS