Report to Mayor and City Council
Tuesday, September 05, 2023
Consent
SUBJECT:
Title
CONSIDER APPROVAL OF CIGNA/NEW YORK LIFE POLICY RENEWALS TO PROVIDE GROUP LIFE AND AD&D, VOLUNTARY LIFE, SHORT TERM AND LONG TERM DISABILITY BENEFITS TO CITY EMPLOYEES
Body
I. SUMMARY
On December 31, 2020 New York Life acquired Cigna's Group Life, accident, and disability insurance business. Staff is submitting the renewal proposal for the policies to the City Council with a recommendation that New York Life continue to serve as the City's vendor for Group Life and Voluntary Life, Short Term and Long Term Disability, which originally went into effect March 1, 2017. As a result of another bid proposal during the renewal period, New York Life has confirmed a three (3) year rate guarantee at the same rates currently paid by the City.
II. RECOMMENDATION
Recommendation
1. APPROVE renewal of New York Life policies for Group Life and AD&D Insurance, Voluntary Life, Short Term and Long Term Disability benefits for an additional thirty-six months with guaranteed rates equal to the current rates paid by City.
2. AUTHORIZE the Mayor to sign all documents that are necessary to effectuate renewal of the policies.
Body
III. ALTERNATIVES
Take any action deemed appropriate.
IV. BACKGROUND
On February 21, 2017, the City Council approved CIGNA to be the provider of Group Life Insurance, Short Term and Long Term Disability benefits for Full-time City employees, whereby the policies went into effect March 1, 2017.
At the time, CIGNA provided an aggregate premium reduction over a 36-month rate guarantee period as compared to the City's previous provider. CIGNA's plan also includes Healthy Rewards, My Secure Advantage, Cignassurance, Healthy Working Life, Secure Travel and Life Assistance Program. These supplementary employee benefits are at no additional cost to the City.
Now, New York Life has confirmed a three (3) year rate guarantee at the same rates currently paid by the ...
Click here for full text