Number
121686
Version
SUBSTITUTE 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution approving design changes in group life insurance benefits for active general City employees and new general City retirees.
Analysis
This resolution approves a new design for group life insurance benefits for active general City employees and new retirees that 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 to receive $10,000 in coverage paid entirely by the City after employees attain the age of 65 if they continue at least $20,000 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.
7. Premium rates for all retiree life insurance coverage determined by a request-for-proposal process.
Body
Whereas, Common Council Resolution File Number 111663, adopted December 18, 2012, directed that representatives of the Department of Employee Relations, Employes’ Retirement System, City Attorney’s Office and Department of Administration - Budget and Management Division review the current life insurance benefit designs and make recommendations for future life insurance benefits to the Finance and Personnel Committee by May 15, 2013; and
Whereas, The workgroup met and discussed design options for group life insurance benefits for employees and...
Click here for full text