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Consider approving 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, 2023, and authorize the Mayor and City Clerk to execute the contracts.
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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 will be expiring soon. Our broker Higginbotham was contacted to publish an RFP for coverage. Colonial provided a proposal that meets all the requirements of the RFP specifications. The contract agreement listed as an exhibit has been approved by the City Attorney's office. Open enrollment is set to begin on Monday May 15, 2023 with informational classes.
EXHIBIT: Colonial Contract Agreement
KEY ISSUES: Does the City of Lawton wish to enter into a contract agreement 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 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, 2023, and authorize the Mayor and City Clerk to execute the contract.