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TO: Mayor Richard C. Irvin
FROM: Alisia Lewis, Chief Human Resources Officer
DATE: 8/18/2023
SUBJECT:
A resolution authorizing Sun Life Insurance to provide life insurance services for January 1, 2024 through December 31, 2025.
PURPOSE:
To obtain authorization to continue an agreement between Sun Life Insurance and the City of Aurora.
BACKGROUND:
This is a three (3) year agreement and will save the City $60,000 having moved from the former vendor. Sun Life has also provided $64,000 in additional benefit administration credits. Sun Life provides additional plans for accident and critical illness that employees can purchase for additional coverage. The 2023 Basic/AD&D life rate is .076/.02
DISCUSSION:
There is no increase in the rate for the Basic /AD&D life. The rate is guaranteed for the next two years.
IMPACT STATEMENT:
No impact.
RECOMMENDATIONS:
Place on finance committee agenda for approval to City Council.
cc: Finance Committee
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution authorizing Sun Life Insurance to provide life insurance services for January 1, 2024 through December 31, 2025.
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, Sun Life will provide life insurance coverage equivalent to the City's needs; and
WHEREAS, the 2024 City budget will provide funding for this item in account number 602-0000-40.28-26.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows: that the attached coverage and rates between Sun Life Insurance and the City of Aurora is hereby approved and shall be in effect for the period of January 1, 2024 through December 31, 2025.