SUBJECT:
Action Regarding Resolution No. 2020-14, Authorizing Creation of Employee Benefit Trust and Designating Trustees
BACKGROUND/DISCUSSION:
At the recommendation of HUB International, the employee benefit trust will allow the city to purchase various forms of insurance that will benefit the city employees and their dependents. The trust will reduce the taxable gross premiums by 1.75% with an estimated annual savings of $31,937. Resolution No. 2020-14 addresses the creation of the trust and designates trustees.
FINANCIAL IMPACT:
The financial impact will be the estimated annual savings of $31,937.
RECOMMENDATION:
Staff recommends approval. |