Denton Ionwave #9073 Addendum 4

City of Denton Solicits Group Life, AD&D, Short-Term and Long-Term Disability Insurance Proposals

The City of Denton, Texas, is seeking proposals from qualified insurance carriers to provide group life, accidental death and dismemberment (AD&D), short-term disability (STD), and long-term disability (LTD) insurance for its employees and eligible dependents. - Government Buyer: - City of Denton, Texas (Purchasing Office) - Current OEM/Vendor: - Symetra Life Insurance Company (current carrier for LTD) - Products/Services Requested: - Basic Life/AD&D Insurance: 2x salary up to $500,000 for executives; 1x salary up to $300,000 for other employees; $15,000 minimum - Supplemental Life/AD&D Insurance: Employee up to 5x earnings (max $200,000); Spouse up to $100,000; Child $10,000 - Retiree Life Insurance: Voluntary, flat $10,000 benefit - Short-Term Disability (STD): 60% income replacement, $1,200 weekly max, 14-day elimination, 11-week max duration - Long-Term Disability (LTD): 60% income replacement, $5,200 monthly max, 90-day elimination, 5-year max duration - Coverage for approximately 1,673 full-time and 41 part-time employees, plus dependents - Detailed breakdowns by age band and coverage volume for employee, spouse, and child life insurance - Unique/Notable Requirements: - No loss/no gain for covered individuals during carrier transition - Waiver of pre-existing condition limitations for current participants - Implementation and account management services, including onboarding, data integration, and employee communication - Proposals must match or improve upon current benefit structures - Multi-year pricing commitments and rate guarantees are encouraged - The City encourages innovative, cost-effective solutions and will consider interlocal and state/federal contracts - Emphasis on compliance, experience, and value in vendor selection

Description

The City of Denton is soliciting proposals for life insurance, short-term disability (STD), and long-term disability (LTD) insurance coverage for its employees. The solicitation seeks firms with experience in providing these benefits to public-sector clients, capable of matching or improving upon the current benefit structures. The scope includes basic and supplemental life insurance, voluntary STD, and group LTD plans, with specific coverage amounts and terms detailed in the solicitation. Proposals must demonstrate understanding of the City's objectives, operational needs, and include pricing, implementation plans, and service models. The contract is intended to start January 1, 2027, and the City encourages innovative and cost-effective solutions.

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