1988-0372224L
NO '03 Iff AN ORDINANCE ACCEPTING AN AMENDED PROPOSAL FOR LIFE INSURANCE FOR
THE CITY'S EMPLOYEES, AND PROVIDING AN EFFECTIVE DATE
WHEREAS, on October 15, 1987 the City Council upon the
recommendation of the City Manager, awarded the contract for life
insurance to the best and lowest bidder, Washington National Life
Insurance Company, and
WHEREAS, the City wishes to amend said life insurance
contract to provide for minimum coverage in the amount in
15,000, said amendment to result in an expenditure of less than
10,000, and thus not subject to statutory bidding procedures,
NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
SECTION I That the City Council hereby accepts the amended
proposal of Washington National Insurance Company for life
insurance for City employees, a copy of which is attached hereto
and incorporated by reference herein
SECTION II That the expenditure of funds for such insurance
coverages a eby authorized
SECTION III That this ordinance shall become effective
immediately upon its passage and approval
PASSED AND APPROVED this the day of 1988
RAY S ENS, MAYOR
ATTEST
LAN/A ) LtR
JE 1~ERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM
DEBRA ADAMI DRAYOVITCH, CITY ATTORNEY
BY ~W
schedule of benefits and/or cost
LIFE AND AD&D INSURANCE
CLASS
I All Employees on the Executive Committee
II All Other Employees
RATES
Class I
Class II
s
AMOUNT
Two times annual earnings rounded
to the next highest $1,000
With a minimum of $15,000
One time annual earnings rounded
to the next highest $1,000
With a minimum of $15,000
$ 21 per $1,000
$ 21 per $1,000
Life & AD&D coverage is in compliance with the new ADEA laws and coverage is as
follows
Active Employees under age 70
Reduction to 657 at age 70
Reduction to 457 at age 75
Reduction to 307 at age 80
I Two times annual earnings
II One times annual earnings
City of Denton August 13,1987
uua61-11 on
3383 ,national
(8688)