HomeMy WebLinkAbout~Master - Long-term Disability and Life Insurance Coverage RESOLUTION NO. 03-225
RESOLUTION APPROVING LONG-TERM DISABILITY AND
LIFE INSURANCE COVERAGES
FOR THE CITY OF AMES
WHEREAS, the agreements with the City's current long-term disability and life insurance
carriers expire on June 30, 2003; and,
WHEREAS, as has been past practice, staff developed a Request For Proposals (RFP) to
distribute to the marketplace in order to secure formal quotations for coverage; and,
WHEREAS,eight potential markets were found for long-term disability coverage and 12 for
life insurance; and,
WHEREAS, of the long-term disability proposals received,only three of them met the RFP
criteria of duplicating the existing benefit structure; and,
WHEREAS, five proposals for life insurance coverage were received which met the
requirements of the RFP; and,
WHEREAS,Madison National has submitted the best overall proposals for both long-term
disability and life insurance; and,
WHEREAS, Madison National is rated A—excellent by Mooney's.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the proposal from Madison National Insurance for long-term disability, life, and accidental
disability and death insurance at an estimated annual premium of$169,920 is hereby approved and
accepted.
ADOPTED THIS 10`'' day of June, 2003.
?:� . �4 Y��
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Wirth
Voting aye: Cross, Goodhue, Hoffman, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 10'of June, 2003.