HomeMy WebLinkAbout2019-200-3329 Minnesota Life Insurance 5 Year RESOLUTION NO. 2019-200-3329
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MIAMI GARDENS, FLORIDA, AUTHORIZING THE CITY
MANAGER AND CITY ATTORNEY TO NEGOTIATE AND
EXECUTE A FIVE (5) YEAR AGREEMENT WITH MINNESOTA
LIFE INSURANCE COMPANY, COMMENCING ON JANUARY 1,
2020 AND ENDING ON DECEMBER 31, 2024 FOR GROUP LIFE
INSURANCE AND ACCIDENTAL DEATH AND
DISMEMBERMENT (AD&D) INSURANCE FOR CITY
EMPLOYEES; PROVIDING FOR ADOPTION OF
REPRESENTATIONS; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, Standard Insurance Company's annual contract for life insurance
and AD&D insurance for city employees expires on December 31, 2019, and
WHEREAS, the City of Miami Gardens ("City") hired an agent of
record/insurance broker (PRIA) to solicit proposals from insurance carriers, including
the existing provider, and
WHEREAS, PRIA obtained three proposals for group life insurance and
accidental death and dismemberment (AD&D) insurance from Standard Insurance
Company, Minnesota Life Insurance Company ("Minnesota Life") and Sun Life
Financial, Inc., and
WHEREAS, for the basic benefit, Standard Insurance Company guaranteed the
estimated annual premium at $41,931 for two (2) years, Minnesota Life guaranteed the
estimated annual premium at $30,993 for five (5) years and Sun Life Financial, Inc
guaranteed the estimated annual premium at $30,263 for two (2) years, and
WHEREAS, because of Minnesota Life's five (5) year rate guarantee and an
annual estimated price for all classes of AD&D insurance and life insurance totaling
$59,321, representing a 41.5% reduction from the current rate charged by Standard
Insurance Company, City Staff recommends that the City enter into an Agreement with
Minnesota Life,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI GARDENS, FLORIDA AS FOLLOWS.-
Section
OLLOWS:Section 1: ADOPTION OF REPRESENTATIONS: The foregoing Whereas
paragraphs are hereby ratified and confirmed as being true, and the same are hereby
made a specific part of this Resolution.
Section 2: AUTHORIZATION: The City Council of the City of Miami Gardens
hereby authorizes the City Manager and City Attorney to negotiate and execute a five
(5) year agreement with Minnesota Life Insurance Company, commencing on January
1 , 2020 and ending on December 31, 2024 for Group Life Insurance and AD&D
Insurance for city employees.
Section 3: EFFECTIVE DATE: This Resolution shall take effect immediately
upon its final passage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS AT ITS REGULAR MEETING HELD ON SEPTEMBER 25, 2019.
OLIVER GILBERT, III, MAYOR
ATTEST:
/V
/Z-
MARIO BATAILLE, CITY CLERK
PREPARED BY: SONJA KNIGHTON DICKENS, CITY ATTORNEY
SPONSORED BY: MAYOR OLIVER GILBERT, III
Moved by: Councilman Williams Jr.
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Resolution No. 2019-200-3329
Seconded by Councilman Williams
VOTE: 7-0
Mayor Oliver Gilbert, III X (Yes) (No)
Vice Mayor Rodney Harris X (Yes) (No)
Councilwoman Katrina Wilson X (Yes) (No)
Councilman Erhabor Ighodaro, Ph.D. X (Yes) (No)
Councilwoman Lillie Q. Odom X (Yes) (No)
Councilman Reggie Leon X (Yes) (No)
Councilman David Williams Jr X (Yes) (No)
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Resolution No.2019-200-3329