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Consider renewing a contract with Colonial Life, to include any floor amendments that may be necessary, to provide the following coverages; Life Insurance, Term Life, Cancer and Confinement Indemnity Insurance effective July 1, 2024, and authorize the Mayor and City Clerk to execute the renewals.
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INITIATOR: Craig Akard, Human Resources Director
STAFF INFORMATION SOURCE: Craig Akard, Human Resources Director
BACKGROUND: The City of Lawton currently provides the following coverages for employees: Life Insurance, Term Life, Cancer and Confinement Indemnity Insurance. The current contract with Colonial Life was signed, effective July 1, 2023. Colonial Life has agreed to renew the contract with no changes to the contract, to include no increase or decrease in premiums.
EXHIBIT: Colonial Contract Renewal Agreement
KEY ISSUES: Does the City of Lawton wish to renew the contract with Colonial Life for the following coverages: Life Insurance, Term Life, Cancer and Confinement Indemnity Insurance.
FUNDING SOURCE: Click or tap here to enter text.
STAFF RECOMMENDED COUNCIL ACTION: Approve the renewing of the contract with Colonial Life, to include any floor amendments that may be necessary, for the following coverages: Life Insurance, Term Life, Cancer, and Confinement Indemnity Insurance for eligible City of Lawton employees effective July 1, 2024, and authorize the Mayor and City Clerk to execute the contract.