| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | Agenda Title:
Council action is requested to enter into an agreement with VOYA for employee voluntary benefits for a period of January 1, 2023 through December 31, 2023 with three (3) one-year renewal options. |
| | | | | | | | Recommendations:
Staff recommends the approval. |
| | | | | | | | Executive Summary:
Approval is recommended to enter into an agreement with VOYA for employee voluntary benefits for the period of January 1, 2023 through December 31, 2023 with three (3) one-year renewal options. The current providers of employee voluntary benefits for the City include The Standard for life and disability benefits and AFLAC for voluntary worksite benefits. The City recommends selecting VOYA as the carrier for group life, disability, and worksite benefits. |
| | | | | | | | Background:
The City has offered voluntary benefits for fourteen years. The City has provided life, long-term disability, and voluntary worksite benefits in the past (including short-term disability, accident, critical illness, etc.). The City worked with CBIZ to complete a market search for carriers who could offer both group life and disability insurance as well as group voluntary worksite benefits. Quotes were received from 8 carriers: Cigna/New York Life, Guardian, Hartford, MetLife, Prudential, Sun Life, VOYA, and The Standard. Only two carriers provided competitive quotes: Hartford and VOYA.
VOYA was ultimately selected due to the quality of the plan offerings and financial savings for employees and City. |
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Fiscal Impact:
By selecting VOYA, the City saves $55,707 (from current) and $81,871 (from renewal); employees save $60,240 (from current and renewal). Total savings include $115,947 (from current) and $142,111 (from renewal).
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| | | | | | | | | Department: Human Resources | Contact Person: Melissa Balino |
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| REVIEWERS: | | Department | Action | | Human Resources Department | Approved | | City Clerk Department | Approved | | Finance Department | Approved | | City Managers Office | Approved | | City Clerk Department | Approved |
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| Council Action: | Council Action: |
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