4649 RESOLUTION NO, 4,649
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AGREEMENTS
WITH VARIOUS INSURANCE COMPANIES TO PROVIDE HOSPITALIZATION, LIFE
AND DISABILITY INSURANCE TOGETHER WITH RETIREMENT BENEFITS FOR
EMPLOYEES OF THE CITY OF LITTLE ROCK; AND FOR OTHER PURPOSES.
WHEREAS, invitations to bid for life and hospitalization insurance for employees
of the City of Little Rock have been duly advertised according to law and bids received
pursuant thereto; and improvements in the retirement program have been negotiated with
the present carrier; and
WHEREAS, it is the desire of the Board of Directors to authorize and award contracts
for such insurance coverage to the successful bidder (s) being the most responsible and
responsive bidders based on the specifications of the City; and
WHEREAS, it is the desire of the Board of Directors to authorize completion of
improvements to the retirement program through negotiations with the present carrier.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS:
SECTION 1, The City Manager is hereby authorized, acting for and on behalf of the
City, to execute contractural agreements providing disability, life and hospitalization
a
insurance and retirement benefits for employees of the City of Little Rock with the
companies set forth as follows providing the benefits as recommended by Peat, Marwick
and Mitchell and/or Galbraith & Green, consultants to the City:
A. Employee Retirement Benefits contract awarded to Mutual of New York,
with the City paying one-half (%) the premium cost for current service
plus all prior service credit cost for eligible employees,
B. Employee Life Insurance Contract awarded to Arkansas Municipal League (Union
Life Insurance Company) with the City paying one-half (1/2) the cost of active
employees premium at the rate of sixty-eight cents (680 per thousand
providing coverage for each such employee in the amount of the even thousand
dollar figure next below his or her actual annual salary. Further, said
present
contract shall provide for life insurance coverage to/retired employees at
the level of the City's current plan, who desire to continue such coverage
at a monthly premium of $2,60 per thousand,
C. Employee Hospitalization Insurance contract awarded to Arkansas Municipal
League (Union Life Insurance Company) with the City paying all active
employees premiums and the employee paying all dependents premiums.
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SECTION 2. This Resolution shall be in full force and effect from and after
its adoption.
ADOPTED: September 7, 1971
ATTEST: 94/101.4i APPROVED: iii:,:eja"
City Clerk Mayor