Number
070307
Version
SUBSTITUTE 1
Reference
050192
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the Department of Employee Relations to enter into a contract extension with Standard Insurance for Long Term Disability benefits for select City employees.
Body
Whereas, The City of Milwaukee has requested a contract extension with Standard Insurance, the current vendor for Long Term Disability benefits, including LTD1, a 180 day waiting period paid for by the City, and LTD2 options for 120, 90 and 60 day buy down paid for by the employee; and
Whereas, Standard Insurance has proposed rates for 2008 of $.45 percent of insured earnings for LTD1, and proposed rates of $.09, $.19, and $1.09 for the LTD 2 options respectively; and
Whereas, There are currently 3452 City employees participating in the LTD1 plan and 1200 participating in the LTD 2 plan options; and
Whereas, The change in LTD1 will increase the City’s cost for the LTD1 from $640,000 to $801,000 in 2008; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Department of Employee Relations is authorized to enter into an extension of the current agreement with Standard Insurance to provide Long Term Disability benefits in 2008 subject to approval of the City Attorney’s Office.
Drafter
DER
MB
7/19/2007