Number
131030
Version
SUBSTITUTE 1
Reference
121686, 130207
Sponsor
THE CHAIR
Title
A substitute ordinance relating to group life insurance benefits for city employees.
Sections
350-25-1 rc
350-25-2 rc
350-25-3 rc
350-25-4 rc
350-25-5 rc
350-25-6 rp
350-25-7 rn
350-25-8 rn
350-25-9 rn
350-25-10 rn
350-25-11 rn
350-25-12 rn
Analysis
This ordinance establishes a new benefit design for group life insurance benefits for active general city employees and new retirees as approved in Common Council Resolution Number 121686, adopted April 30, 2013, associated with a new contract approved in Common Council Resolution File Number 130207, adopted July 23, 2013. The new benefit design includes the following features:
1. Separate rates for base benefit coverage for active employees and retirees.
2. A base benefit amount of $50,000 for active general city employees paid entirely by the city.
3. An option for active general city employees to purchase up to 300% of the value of their salaries in additional supplemental insurance paid entirely by employees at age-banded rates.
4. An option for general city employees who retire on or after January 1, 2014 to receive $10,000 in coverage paid entirely by the city after employees attain the age of 65 if they continue a minimum of 50% of their final annual salary in coverage as retirees under age 65 at their own cost.
5. Continuing current benefit levels for retirees who are over 65 and retired on or before December 31, 2013 with premiums paid entirely by the city.
6. Continuing current benefit options for retirees who are under age 65 and retired on or before December 31, 2013 with premiums paid entirely by retirees.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 350-25-1 to 5 of the code is repealed and recreated to read:
350-25. Group Life Insurance.
1. DEFINITIONS. Unless specified otherwise in a labor contract between a certified bargaining un...
Click here for full text