HomeMy WebLinkAboutCity of Tamarac Resolution R-2007-1671
Temp. Reso. #11304 — October 4, 2007
Page 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2007-
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF TAMARAC, FLORIDA,
AUTHORIZING THE APPROPRIATE CITY
OFFICIALS TO APPROVE THE RENEWAL OF
BASIC LIFE INSURANCE AND ACCIDENTAL
DEATH & DISMEMBERMENT COVERAGE WITH
METROPOLITAN LIFE INSURANCE COMPANY
EFFECTIVE JANUARY 1, 2008; PROVIDING FOR
PREMIUM RATE CHANGES; PROVIDING FOR
THE CONTINUATION OF THE EXISTING COST
ALLOCATION OF THE BASIC LIFE INSURANCE
AND ACCIDENTAL DEATH & DISMEMBERMENT
INSURANCE PREMIUM BETWEEN THE CITY
AND EMPLOYEES; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the basic life insurance and accidental death and
dismemberment coverage was awarded to Metropolitan Life Insurance Company
on December 1, 1990 and is scheduled to expire on December 31, 2007; and
WHEREAS, Metropolitan Life Insurance Company has indicated its desire
to renew basic life insurance and accidental death and dismemberment coverage
for the City of Tamarac as indicated in the letter dated October 3, 2007,
which is attached hereto as Exhibit #1; and
WHEREAS, the City has received a renewal decreasing its present rates
for this renewal period for basic life insurance coverage from January 1, 2008
through December 31, 2008; and
Temp. Reso. #11304 — October 4, 2007
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WHEREAS, the rates for basic life insurance coverage will be; $.26 per
month per $1,000 from January 1, 2008 through December 31, 2008; and
WHEREAS, the City has received a renewal decreasing its present rates
for this renewal period for accidental death and dismemberment coverage from
January 1, 2008 through December 31, 2008; and
WHEREAS, the rates for accidental death and dismemberment coverage
will be; $.023 per month per $1,000 from January 1, 2008 through December
31, 2008; and
WHEREAS, there will be no change in the various rates that retirees pay
for basic life insurance or accidental death & dismemberment coverage
effective this renewal period, January 1, 2008 through December 31, 2008; and
WHEREAS, the Human Resources Director recommends the renewal of
the basic life insurance and the accidental death & dismemberment coverage
with a decrease of present premium rates effective this renewal period, January
1, 2008 through December 31, 2008; and
WHEREAS, available funds exist in the appropriate funds which are in
the approved FY2008 Budget; and
WHEREAS, the City Commission has deemed it to be in the best interest
of the citizens and residents of the City of Tamarac to provide basic life
insurance and accidental death and dismemberment benefits for City
employees.
C
Temp. Reso. #11304 — October 4, 2007
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INOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are hereby
ratified and confirmed as being true and correct and are hereby made a specific
part of this Resolution.
SECTION 2: That the appropriate City officials are hereby
authorized to approve the renewal of Metropolitan Life Insurance Company as
the City's carrier for basic life insurance and accidental death &
dismemberment coverage for City of Tamarac employees with a decrease of
present premium rates effective this renewal period, January 1, 2008 through
December 31, 2008 with the monthly rate as follows: Basic Life $.26 per month
per $1,000 and Accidental Death and Dismemberment $.023 per month per
$1,000.
SECTION 3: That the appropriate City officials are hereby
authorized to continue the existing cost allocation of the basic life insurance
and accidental death & dismemberment premium between the City and the
employees.
SECTION 4: That all resolutions or parts of resolutions in conflict
herewith are hereby repealed to the extent of such conflict.
SECTION 5: That if any clause, section, or other part or
application of this Resolution is held by any court of competent jurisdiction to be
unconstitutional or invalid, in part or application, it shall not affect the validity of
the remaining portions or applications of this Resolution.
Temp. Reso. #11304 — October 4, 2007
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SECTION 6: This Resolution shall become effective immediately
upon its passage and adoption.
PASSED, ADOPTED AND APPROVED thisc)4'/Jday of A" '2007.
ATTEST:
21" -
MARION SWENSON, CMC
CITY CLERK
I HEREBY CERTIFY that
I have approved this
RESOLUTION as to form.
SAMUEL S. G IkEN
I
CITY ATTO NEY
4
Not, rge WA
wt6w,
BETH FLANSBAUM-TALABISCO
MAYOR
RECORD OF COMMISSION VOTE:
MAYOR FLANSBAUM-TALABISCO
DIST 1: COMM. PORTNER
DIST 2: COMM. ATKINS-GRAD
DIST 3: V/M SULTANOF
DIST 4: COMM. DRESSLER
I
I
I
EXHIBIT 1 MetLif eR'
October 8, 2007
Maria Swanson
City of Tamarac
7525 NW 88t' Ave
Tamarac, FL 33321
Re: City of Tamarac
REVISED Renewal — January 1, 2008
Dear Maria,
MetLife appreciates the opportunity to be a part of your benefit program. This letter confirms your
renewal for the 2008 plan year.
I am pleased to advise you of your new rates for the next plan year commencing on January 1, 2008. In
determining the rates for the plan year ahead, we have evaluated your plan experience, taking into
account the credibility of the experience and the demographics of your group. Our objective in the
renewal process is to identify rates that will maintain the overall financial stability of your benefit program.
We have set the following rates for the coming year:
Coverage
Current
Rate/Fee
Renewal
Rate/Fee
Basic Life - Actives
$0.33/$1,000
$0.26/$1,000
PADD - Actives
$0.041$1,000
$0.023/$1,000
Basic Life — Retirees
* 45-49
$0.481$1,000
$0.48/$1,000
9 50-54
$0.79/$1,000
$0.79/$lAo
* 55-59
$1.29/$1,000
$1.29/$1,000
* 60-64
$1.73/$1,000
$1.731$1,000
* 65-69
$2.68/$1,000
$2.68/$1,000
e 70-74
$3.64/$1,000
$3.641$1,000
a 75-79
$5.83/$1,000
$5.83/$1,000
* 80-84
$8.92/$1,000
$8.921$1,000
e 85-89
$13.54/$1,000
$13.541$1,000
9 - 4
$20.991$1,000
$20.99/$1,000
95+
$49.69/$1,000
$49-69/$1,000
I would also like to offer you the option of extending the Life rates for an additional two years, through
12/31/2010.
The rates shown above assume your existing plan design, contribution structure and group
demographics remain the same.
I will follow up with you about our offer to guarantee rates through 12/31/2010. In the interim, please do
not hesitate to contact me at 954-625-1503 if I may answer any questions or assist in any way.
Once again, thank you for the privilege you have extended to us. You are the reason we are in business.
We look forward to continuing our relationship in the months and years ahead.
Sincerely,
Bill Greco
IMPORTANT INFORMATION:
MetLife enters into arrangements with a variety of agents, brokers, consultants, third party administrators, general agents, associations, and
other parties that may participate in the sale of MetLife products (each an "Intermediary"). If you purchase a MetLife product through an
Intermediary, MetLife may pay the Intermediary base commission and other forms of compensation for the sale and renewal of MetLife products
and fees for the administration and service of MetLife products, or remit compensation to the Intermediary on your behalf, if you are a plan
sponsor. As recognized by the National Association of Insurance Commissioners in its Producer Licensing Model Act, compensation may
include payments, commissions, fees, awards, overrides, bonuses, contingent commissions, loans, gifts, prizes, stock options or any other form
of valuable consideration. Additionally, MetLife may have a variety of other relationships with your Intermediary or its affiliates that involve the
payment of compensation and benefits that may or may not be related to your relationship with MetLife (e.g., consulting or reinsurance
arrangements). If you would like further information, ask your Intermediary or a MetLife representative for specific details concerning your
intermediary's compensation arrangement with MetLife, L05096LTC(expl 207)MLIC-LD