Title
Consider a resolution authorizing the Mayor to execute a Rate Confirmation with Securian Financial/Minnesota Life insurance for renewal of the City's Basic Term Life and Accidental Death and Dismemberment, Employee and Spouse Supplemental Term Life, Child Life, and Voluntary Accidental Death and Dismemberment benefits for the period of January 1, 2027 through December 31, 2029.
Body
All benefits eligible employees receive an employer provided life insurance policy, with a matching accidental death and dismemberment (AD&D) policy. Each policy is valued at one times the employee's annual salary, rounded up to the next $1,000 increment, capped at $100,000. Employees are permitted to elect voluntary life and AD&D benefits (these are 100% employee paid). Minnesota Life is offering a 3 year term extension, with a 0% rate increase for all benefits.
Cost: The 3 year estimated employer total is $350,000.00
Source of Funds: Self-Funded Health Insurance Fund