Title
Dept/ Agency: Administration/Division of Personnel
Action: ( X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Contract for Life Insurance Plan
Purpose: Retiree Life Insurance (Policy Coverage Threshold : $1,500 per eligible retiree)
Entity Name: Prudential Life Insurance
Entity Address: 80 Livingston Avenue, Roseland, NJ 07068
Contract Amount: Estimated cost of $268,876.00
Funding Source: City of Newark Budget
Contract Period: January 1, 2012 through December 31, 2013
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( X )Insurance/EUS
( ) Fair & Open ( X ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( Insurance Exception, N.J.S.A.40A:11-5(m) ) n/a
Additional Information:
Prior Adopted Resolution 7R1Y092111
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WHEREAS, the City of Newark desires to enter into contract to provide its eligible retirees represented by the various bargaining units with which the City negotiates and eligible unclassified personnel with retiree life insurance benefits; and
WHEREAS, pursuant to Resolution 7R1-Y, adopted September 21, 2011, the City of Newark entered into an Agreement with Prudential Insurance Company (Prudential) for the provision of providing retiree life insurance benefits in the amount of $1,500, for the period commencing January 1, 2012 and terminating on December 31, 2013 for an estimated amount not to exceed $268,876.00; and
WHEREAS, Prudential submitted a proposal indicating that they would provide life insurance benefits for the same rate of $6.400 per $1,000 for a period commencing on January 1, 2012 and terminating on December 31, 2013; and
WHEREAS, the City of Newark feels that it is in the best interest of its eligible retirees to accept this amendment from Prudential; and
WHEREAS, the City of Newark desires to enter into a contract with Prudential for the provision of retiree life insurance...
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