ORDINANCE No. 180694

*Amend contract with Standard Insurance to increase city employee optional supplemental life insurance coverage (Ordinance; amend Contract No. 34929)

The City of Portland ordains:

Section 1. The Council finds:

1.  The Office of Management and Finance and the Bureau of Human Resources offer optional supplemental employee life insurance coverage to employees up to a maximum amount of $300,000.

2.  The Standard Insurance has agreed to retain the current rates for supplemental life coverage up to June 30, 2007 (the end of the contract year).

3.  It is deemed appropriate to increase the maximum amount of coverage employees may purchase to $500,000.

4.  Employees pay the full cost of any optional supplemental life insurance coverage premiums.

NOW, THEREFORE, the Council directs:

a.  The Mayor and the Council are hereby direct the Bureau of Human Resources to execute an amendment to the City’s agreement with The Standard to increase the amount of optional supplemental life available to employees to $500,000 effective January 1, 2007.

b.  The Mayor and the Auditor are hereby authorized to draw and deliver warrants for the duration of this agreement.

Section 2. The Council declares that an emergency exists in order to avoid undue and costly delay in providing benefits to plan participants; therefore the Ordinance shall be in full force and effect from and after its passage by the Council.

BACKING SHEET INFORMATION

AGENDA NO. 1723-2006

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 180694