Title
City of Gainesville Group Term Life Benefit Contract (B)
Explanation
The City, through its Group Benefits Broker, solicited bids from 14 Group Life Insurance Providers with 3 providers responding. After a careful review of the proposals, Standard Life was determined to have the lowest qualified bid. The bid of .25/1000 is guaranteed for the next twenty-two months and will save the City approximately $50,000 when compared with the other responsive bid over the life of the contract.
Fiscal Impact
Funds are available in the Fiscal Year 2002 Budget. Costs are allocated in the Employee Health and Accident Benefits (EHAB) Fund.
Recommendation
The City Commission: 1) approve the selection of Standard Life as the provider for the City of Gainesville Group Life Benefit; and 2) authorize the City Manager or his designee to negotiate with and enter into an agreement for twenty-two months starting March 1, 2002, with the possibility of two (2) additional one-year extensions.