Number
130207
Version
SUBSTITUTE 1
Reference
121686, 121687
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the Department of Employee Relations to execute a contract with AETNA for group life insurance benefits for City employees and retirees for a period of 3 years with an option to extend for 2 years.
Analysis
This resolution authorizes the Department of Employee Relations to execute a contract with AETNA for group life insurance benefits for City employees and retirees for a period of 3 years with an option to extend for 2 years.
Body
Whereas, Common Council Resolution File Number 121687, adopted April 30, 2013, directed the Department of Employee Relations to initiate a request-for-proposal process to select a vendor for group life insurance for City employees and retirees using a new benefit design approved in Common Council Resolution File Number 121686, adopted April 30, 2013; and
Whereas, Willis of Wisconsin, the City's benefits consultant, has led such a request-for-proposal process, with 8 vendors responding to the RFP; and
Whereas, A City Selection Team consisting of representatives from the Employes' Retirement System, Department of Employee Relations, Budget Office and City Comptroller reviewed the financial costs of the vendors; and
Whereas, The Selection Team is recommending AETNA because it would:
1. Reduce the City's cost by $500,000 per year compared with the current vendor.
2. Provide more favorable rates for both employees and retirees compared to the other vendors or the current vendor.
; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Department of Employee Relations is authorized to execute a contract with AETNA for group life insurance benefits for City employees and retirees for a period of 3 years with an option to extend for 2 years.
Requestor
Department of Employee Relations
Drafter
LRB147734-2
Mary E. Turk
7/16/13