Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute a Renewal Agreement with Transamerica Life Insurance Co. for the Voluntary Whole Life Plan for all Lexington-Fayette Urban County Government employees, at no cost to the Urban County Government. [Div. of Human Resources, George]
Summary
Authorization to execute a renewal Agreement with Transamerica Life Insurance Company for the Voluntary Whole Life Plan for all Lexington-Fayette Urban County Government employees. There are no changes in coverage. All employees who participate in the Guaranteed Issue Whole Life policy will receive up to $150,000 in coverage with accelerated benefits to support both Long Term Care and terminal illness. There is no charge to Lexington-Fayette Urban County Government. (L1128-24) (George/Hamilton)
Budgetary Implications [select]: NO
Advance Document Review:
Law: { Select Yes Completed by Michael Cravens, 10/30/2024
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes/No/Partial
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This Fiscal Year Impact: $
Annual Impact: $
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Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute a Renewal Agreement, which is attached hereto and incorporated herein by reference, with Transamerica Life Insurance Company, for the Voluntary Whole Life Plan for all Lexington-Fayette Urban County Government employees, at no cost to the Urban County Government.
Section 2 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
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MAYOR
ATTEST:
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CLERK OF URBAN COUNTY COUNCIL
1128-24:GET: 4870-0501-7336, v. 1