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DEPARTMENT OF FINANCIAL MANAGEMENT <br /> RISK MANAGEMENT DIVISION <br /> MEMORANDUM NO. 2007-041 <br /> October 10, 2007 <br /> TO: The Honorable Mayor and City Council Members <br /> FROM: Steve Garm , ity Manager <br /> Ron Neufeld, irector of Financial Management <br /> J. Barry Leonard, Risk Manager � <br /> SUBJECT: CITY PAID LIFE INSURANC RENEWAL �' <br /> Every three years, we solicit bids on our City paid life insurance program. We received I, <br /> bids from the four companies who bid on the group health renewal and the incumbent provider, ' <br /> Wells Fargo. <br /> The best proposal was submitted by Wells Fargo. We did not receive a bid from <br /> Consociate. Two companies could not meet the required level of coverage because of their <br /> automatic reduction of coverage at age 65. The third company did not initially provide coverage <br /> for one class of insureds. When they discovered their error, they resubmitted after the due date. <br /> See attached chart. <br /> Staff recommends we renew our life insurance program with Wells Fargo. <br />