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AGENDA ITEM 10 <br />STAFF ORIGINATOR Randy Schumacher <br />DATE 10/06/95 <br />TOPIC Consideration of Changing Life Insurance Vendor and <br />Amount of Life Insurance Provided to City Employees <br />(Approved through a motion) <br />BACKGROUND <br />The City's current life and AD&D insurance carrier is Fortis. The City pays .56 cents <br />per $1,000 in Life and AD&D insurance. The City would like to consider joining the <br />Prudential Life and AD&D insurance plan offered through the Anoka County <br />Instrumentality's plan at a cost of .14 cents per $1,000. (Please see attached savings <br />to City). <br />The base amount of insurance offered by Prudential is $10,000. Anything over <br />$10,000 would have to be approved is advance by Prudential. The City would like <br />to request a base amount of $25,000 for all employees through the Prudential plan. <br />The City would also like to make available for employees, optional and dependent life <br />insurance through Prudential (at no cost to the City). <br />OPTIONS <br />1. Keep the current carrier, Fortis. <br />2. Consider switching to Prudential Life offered through the Anoka County <br />Instrumentality plan. The base amount of life and AD&D insurance provided, <br />if approved by Prudential, will be $25,000 for all employees. Optional and <br />dependent life would also be made available. <br />RECOMMENDATION <br />Option <br />