HomeMy WebLinkAboutCity of Tamarac Resolution R-90-2681
Temp. Reso. #5946
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-90 -a?.(D
A RESOLUTION AWARDING A BID FOR GROUP
LIFE INSURANCE AND ACCIDENTAL DEATH AND
1. DISMEMBERMENT INSURANCE= BID NO. 90-341
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, bids were advertised in the Fort Lauderdale
News/Sun Sentinel, a newspaper of general circulation in
Broward County, Florida, on Friday, November 9, 1990 and
Friday, November 16, 19901 and
WHEREAS, bids were opened on Monday. November26,
1990; and
WHEREAS, The Metropolitan Life Insurance Company is
the lowest fully responsive and responsible bidder.
NOW, THEREFORE, BE IT RESOLVED, BY THE COUNCIL OF THE CITY
OF TAMARAC, FLORIDA;
SECTION 1: That the bid of The Metropolitan Life
Insurance Company in the amount of $.38 per thousand for
life insurance and $.05 per thousand for accidental death
and dismemberment insurance is HEREBY APPROVED, with funds
to come from Object Code 235 entitled Life Insurance.
SECTION 2: That the appropriate City officials are
hereby authorized to execute any and all documents in
connection with the awarding of this bid.
SECTION-3: This Resolution shall become effective
immediately upon adoption.
PASSED, ADOPTED AND APPROVED this � day of ,
1990.
ATTEST:
CAROL A. EVANS
CITY CLERK
I HEREBY CERTIFY that I have
approved this Resolution.as
to form.
ALAN F F
CITY ATTOIkNEY
CPA
NORMAN ABROMOWITZ
MAYOR
RECORD OF COUNCIL VOTE
MAYOR
ABRAMOWITZ
DISTRICT 1:
C/M ROHR
DISTRICT 2:
C/?J SCHUMANN
DISTRICT 3:
V/M HOFFMA.N
DISTRICT4:
C/M SENDER i4,^
BASIC LIFE/AD&D/RETIREE LIFE/RETIREE AD&D
PROPOSED PLAN'DESIGN (continued)
A benefit equal to Life amount under the Basic Term Fife
Program.
Coverage terminates the earlier of retirement or the
attainment of age 70.
Coverage terminates on the date of employment termination.
A benefit equal to 50% of individual's pre -retirement
benefit.
Minimum: $5,000.
Continued Death Benefit Disability Provision (Waiver of
Premium) cancels at age 60.
Metropolitan Life
AND AFFILIATED COMPANIES
!e'MRO'Mn
DATE
CITY OF TAMARAC
BASIC LIFE/AD&D/RETIREE LIFE/RETIREE AD&D
PROPOSED PLAN DESIGN
Basic Term Life*
Life Benefit according to the following schedule:
Class Definition
Department Heads
Life Benefit
$50,000
Supervisors
$40,000
Employee's Earning
$25,000
$20,000 or more annually
Fireman who earn less
$20,000
than $20,000 annually
All other Employees earning
$15,000
less than $20,000 annually
Council Members
$10,000
Continued Death Benefit Disability
Provision (waiver of
premium) applies.
Age Reduction Formula:
Attained Age
Will Reduce
70
33%
75
50%
* Basic Life cancels at retirement.
Metropolitan Life
AND AFFILIATED COMPANIES
IC
io
CITY OF TAMARAC
BASIC LIFE/AD&D/RETIREE LIFE/RETIREE AD&D
BILLING RATES
Basic Term Life
AD&D
Retiree Life
AU
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85-89
90-94
95-99
Retiree AD&D
Au
45-49
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85-89
90-94
95-99
.38/1,000
.05/1,000
�/1.Ob0
.38
.62
1.01
1.36
2.11
2.86
4.58
7.00
10.63
16.47
39.01
RATE/1,040
.04
.04
.05 _
.05
.06
.09
.16
27
.52
.63
90
R-So
MetmOolitan We
AND AFFILIATED COMPANIES
v
CITY OF TAMARAC
BASIC LIFE/AD&D
ANNUAL COST SAVINGS ANALYSIS
Estimated Lives: 230
Estimated Lives: 230
Estimated Volume: 5,412,000
Estimated Volume: 5,412,000
Proposed Life Rate: .38/1,000
Present Life Rate: .39/1,000
Estimated Annual
Current Annual
Premium: 24,678
Premium: 25,328
Proposed AD&D Rate: .05/1,000
Present AD&D Rate: .06/1,000
Estimated Annual
Current Annual
Premium: 3,247
Premium: 3,897
Combined Basic Life/AD&D
Combined Basic Life/AD&D
Annual Premium: 27,925
Annual Premium: 29,225
Estimated
' $1,300.00
I Metropolitan Life
ANDAFFIL TEDCOMPANIES
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