City of Round Rock - File #: 2023-304

• File #: 2023-304
• Type: Resolution
• Status: Agenda Ready
• File created: 9/11/2023
• In control: City Council
• On agenda: 9/28/2023
• Final action: 9/28/2023
• Title: Consider a resolution authorizing a renewal with Minnesota Life Insurance Company of term life insurance and accidental death and dismemberment insurance for City employees for the period of January 1, 2024 through December 31, 2026.
• Indexes: Self-Funded Health Insurance

Date	Ver.	Action By	Action	Result
9/28/2023	1	City Council	approve	Pass

Title

Consider a resolution authorizing a renewal with Minnesota Life Insurance Company of term life insurance and accidental death and dismemberment insurance for City employees for the period of January 1, 2024 through December 31, 2026.

Body

This Agreement is to allow Minnesota Life to continue to provide Basic Life Insurance & AD&D to City employees to be paid for by the City.  In addition, this agreement also allows Minnesota Life to continue to offer voluntary life insurance and voluntary AD&D to City employees to be paid for by the employee with no City contributions.  Minnesota Life has provided a two-year rate guarantee for Basic Life Insurance & AD&D, and voluntary life insurance and voluntary AD&D.

Cost: The estimated cost to the City for the two-year term is $195,000.00

Source of Funds: Self-Funded Health Insurance