Placement: Consent Agenda
Action Requested: Motion / Vote
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Approval of Contract #20240128 between the City of Port St. Lucie and the Standard Insurance Company for Employee Basic Life and AD&D, Supplemental Life, Short Term Disability, and Long Term Disability Insurance Benefits
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Submitted By: Natalie Cabrera, Human Resources Director
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Natalie Cabrera, Human Resources Director
2. Parties: City of Port St. Lucie and the Standard Insurance Company.
3. Purpose: To provide Employee Basic Life and Accidental Death & Dismemberment (AD&D), Supplemental Life, Short Term Disability (STD), and Long Term Disability (LTD) Insurance Benefits.
4. New/Renewal/Modified: New.
5. Duration: Three (3) year initial term with two (2) separate one-year renewal options. Initial contract term commences October 1, 2024 and goes through September 30, 2027.
6. Benefits to Port St. Lucie: Provides City employees the option to obtain Basic Life and AD&D, Supplemental Life, Short Term Disability, and Long Term Disability Insurance Benefits.
7. Cost to Port St. Lucie (Annual and Potential): $408,343.00 Annually; $1,225,029.00 over the initial term of the Contract (3 years).
Presentation Information: Staff and a representative of the Gehring Group will be available to answer any questions the Council may have.
Staff Recommendation: Move that the Council approve Contract #20240128 between the City of Port St. Lucie and the Standard Insurance Company for Basic Life and AD&D, Supplemental Life, Short Term Disability, and Long Term Disability Insurance Benefits.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve Contract #20240128 between the City of Port St. Lucie and the Standard Insurance Company.
2. Move that the Council not approve Contract #20240128 and provide staff direction.
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