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File #: 14-10836    Version: A Name: (Direct Referral) Communication from the Deputy City Attorney presenting a plan to continue the City’s obligation to provide certain life insurance benefits to certain retired employees with a MetLife plan. Note: The City has a remaining liability of $681
Type: Communication Status: Passed
File created: 12/5/2014 In control: Finance and Personnel Committee
On agenda: Final action: 12/16/2014
Title: Subject: (Direct Referral) Communication from the Deputy City Attorney presenting a plan to continue the City’s obligation to provide certain life insurance benefits to certain retired employees with a MetLife plan. Note: The City has a remaining liability of $681,000 for 357 employees retired as of December 31, 2014. The total premium for the proposed plan is $413,584, payable over five years (Year 1: $117,301, Years 2 through 5: $82,620). (Res. No. 14-0493) Recommendation of the Finance & Personnel Committee on 12-8-14: The MetLife proposal as presented by the Horton Group be implemented. Further recommend that 2015 budgeted funds of $92,941.17 be transferred from account 101.990.5970, Non-Departmental Contingency, to account 101.850.5140, Non-Departmental Life Insurance. Fiscal Note: 2015: $117,301 premium to be funded as follows: ($115,159.06 - 101.850.5140 Non-Departmental Life Insurance (after $92,941.17 transfer from the Contingency Account); $1,120.50 - 9265000 Water Utility ...
Attachments: 1. Proposal, 2. Racine Rpt and Recommendation
Related files: Res.14-0493
Title
Subject: (Direct Referral) Communication from the Deputy City Attorney presenting a plan to continue the City's obligation to provide certain life insurance benefits to certain retired employees with a MetLife plan. Note: The City has a remaining liability of $681,000 for 357 employees retired as of December 31, 2014. The total premium for the proposed plan is $413,584, payable over five years (Year 1: $117,301, Years 2 through 5: $82,620). (Res. No. 14-0493)
 
Recommendation of the Finance & Personnel Committee on 12-8-14: The MetLife proposal as presented by the Horton Group be implemented. Further recommend that 2015 budgeted funds of $92,941.17 be transferred from account 101.990.5970, Non-Departmental Contingency, to account 101.850.5140, Non-Departmental Life Insurance.
 
Fiscal Note: 2015: $117,301 premium to be funded as follows: ($115,159.06 - 101.850.5140 Non-Departmental Life Insurance (after $92,941.17 transfer from the Contingency Account); $1,120.50 - 9265000 Water Utility Life Insurance; $1,021.44 - 6605040 Wastewater Utility Life Insurance. There are sufficient funds available for the transfer and payment of the premium.