Posting Language
Title
Authorize an amendment to a contract for continued long-term disability insurance for Austin Human Resources with Life Insurance Company of North America, to increase the amount by $2,700,000 for a revised total contract amount not to exceed $16,068,000. Funding: $900,000 is available in the Employees Benefit Fund. Funding for the remaining contract term is contingent upon available funding in future budgets.
Body
Lead Department
Austin Financial Services.
Client Department(s)
Austin Human Resources.
Fiscal Note
Funding in the amount of $900,000 is available in the Fiscal Year 2025-2026 Employees Benefit Fund.
Funding for the remaining contract term is contingent upon available funding in future budgets.
Procurement Language:
Contract Amendment.
MBE/WBE:
This contract was awarded in compliance with the City Code Chapter 2-9B(Minority-Owned and Women-Owned Business Enterprise Procurement Program). For the services required for this contract, there were no subcontracting opportunities; therefore, no subcontracting goals were established.
Prior Council Action:
June 10, 2021 - Council approved a contract for long-term disability insurance with Life Insurance Company of North America.
For More Information:
Direct questions regarding this Recommendation for Council Action to Austin Financial Services - Central Procurement at: FSDCentralProcurementRCAs@austintexas.gov or 512-974-2500.
Additional Backup Information:
The increase in authorization will fund the current contract for long-term disability (LTD) insurance for City employees. The contract was extended in 2023 to continue the guaranteed rates. Due to increasing participation, the contract now requires additional funding for the remaining year. The LTD benefit is paid entirely by employees as a pass-through within the Employee Benefits Fund of Austin Human Resources. The benefit covers on and off-the-job disabilities caused by illness, injury, or pregnancy.? Employee premiums for...
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