Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute A Three-Year Agreement With MetLife For Basic Life, AD&D, Supplemental Life, And Long-Term Disability Insurance In An Annual Amount Up To $581,751.50 From January 1, 2026, Through December 31, 2028.
Strategic Plan Focus
Employee Development & Empowerment
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City desires to continue providing Basic Life, AD&D, Supplemental, Dependent and Retiree Life and Long-Term Disability insurance coverage. The existing insurance with Symetra is running at a loss ratio of 111% after paying $2,054,476 in premiums and receiving $2,283,135 in claims over the past five years. Symetra proposed significant increases of 32.7% for Active Employee Basic Life and 41.5% for Retiree Life insurance, totaling an annual increase of about $78,000. Gehring Group, the City's Benefits Consultants, analyzed the RFP and recommended obtaining Best and Final Offers ("BAFO") from the most competitive alternative carriers, MetLife and Ochs, along with a request for a revised quote from Symetra. The BAFO yielded lower rates from MetLife (7.7% increase) and Ochs (10.4% increase), compared to Symetra's 15.9% increase. The Office of Human Resources, in consultation with the Gehring Group, recommends consolidating all coverage under MetLife for three years as the most cost-effective solution while maintaining existing benefits.
City Commission approval is requested to execute an agreement with MetLife to provide Basic Life, AD&D, Supplemental, Dependent and Retiree Life and Long-Term Disability insurance coverage for a three-year term in an annual amount of $581,751.50, which includes a ten percent buffer to allow for fluctuations in cost for Life Insurance and Long-Term Disability coverages.
Fiscal Impact:
A portion of the funding for this service will be available in the FY 2...
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