TO: Mayor Thomas J. Weisner
FROM: Alisia Lewis, Director of Human Resources
DATE: October 9, 2015
SUBJECT:
A Resolution Authorizing Unum to provide Life Insurance Services for January 1, 2016 through December 31, 2019.
PURPOSE:
To affirm an agreement with Unum Life Insurance Company.
BACKGROUND:
The city contracted with Ft. Dearborn Life to provide life insurance coverage under BlueCross Blue Shield as part of their bundling package which reduced city cost.
DISCUSSION:
To further reduce overall cost to the city, the city is proposing to replace Ft. Dearborn with Unum. The company is a highly rated company, equal to the incumbent. The agreement covers four (4) years and will save the city $256, 284.00 over that time period. Unum is including a waiver of premium benefit where in the event of disability, insureds do not have to pay life insurance premiums. In addition, the city will receive a transition credit of $7,500 to offset cost associated with the conversion.
IMPACT STATEMENT:
No impact.
RECOMMENDATIONS:
Place on Finance Committee agenda for approval to City Council.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Peters, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
title
A Resolution Authorizing Unum to provide Life Insurance Services for January 1, 2016 through December 31, 2019.
body
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, the City of Aurora Comprehensive Medical Plan coverage is self-insured and annually requires the purchase of health i...
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