R-2023-304 - 9/28/2023 RESOLUTION NO. R-2023-304
WHEREAS, the City of Round Rock (the "City")previously advertised for proposals for term
life and accidental death and dismemberment coverage and accepted the proposal of Minnesota Life
Insurance Company ("Minnesota Life") by Resolution No. R-2018-586, with said benefits
commencing January 1, 2019 and ending December 31, 2023; and
WHEREAS, the City desires to renew said term life and accidental death and dismemberment
coverage with Minnesota Life commencing January 1, 2024 through December 31, 2026, Now
Therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS:
That the renewal of Minnesota Life for the provision of term life and accidental death and
dismemberment coverage through December 31, 2026, is hereby accepted.
That the Mayor is hereby authorized and directed to execute on behalf of the City any related
documents required for the renewal of said benefits.
The City Council hereby finds and declares that written notice of the date, hour, place and
subject of the meeting at which this Resolution was adopted was posted and that such meeting was
open to the public as required by law at all times during which this Resolution and the subject matter
hereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
0112.20232;4865-6999-7440
RESOLVED this 28th day of September, 2023. 4
CRAIG MORG N, M• or
City of Round ock, xas
ATTEST:
:1,4
MEAGAN S KS, rty Clerk
securian
FINANCIAL
RATE CONFIRMATION
1. Policyholder: City of Round Rock
2. Policy Number(s): 34627, 24629
3. Insurance Product(s): Basic Term Life and AD&D, Employee and Spouse Supplemental Term Life,
Child Life, and Voluntary AD&D
4. The insurance rates included in this rate confirmation are net of commissions.
5. Underwriting company: Minnesota Life Insurance Company
6. Rate Coverage Period: January 1, 2024- December 31, 2026
Premium Rates:
Current Rates Renewal Rates
Coverage Rate per$1,000 Rate per$1,000
per month per month
Basic Active Life $0.086 $0.086
Basic Active AD&D $0.020 $0.020
Employee and Spouse Age Rate Age Rate
Supplemental Life* Under 25 $0.060 Under 25 $0.060
25-29 $0.070 25-29 $0.070
30-34 $0.090 30-34 $0.090
35-39 $0.100 35-39 $0.100
40-44 $0.120 40-44 $0.120
45-49 $0.220 45-49 $0.220
50-54 $0.420 50-54 $0.420
55-59 $0.660 55-59 $0.660
60-64 $0.720 60-64 $0.720
65-69 $1.330 65-69 $1.330
70-74 $2.070 70-74 $2.070
75** $2.380 75** $2.380
Employee Voluntary $0.025 $0.025
AD&D
Family Voluntary $0.035 $0.035
AD&D
Child Life $0.120 $0.120
*Please note,supplemental life rates do not include AD&D
**Rates increase beyond age 75 and will be provided upon request.
Securian Financial Group
By ZJ4Date April 11,2023
yl trese
Title 2nd Vice President and Actuary
ACKNOWLEDGEMENT BY AUTHORIZED REPRESENTATIVE OF POLICYHOLDER
This document confirms that the rates stated above are the agreed upon rates for the specified policy
numbers. These rates will be charged for coverage amounts effective during the Rate Coverage Period
listed above. This renewal offer is subject to the current terms and conditions of the policies covering
employees and their dependents. Minnesota Life reserves the right to adjust the rates at any time in the
event of plan design changes, modifications to the definition of eligible employees, or significant
demographic changes in the group. We define significant changes to mean a change in the volume
within a coverage or across coverages of more than 15%. Actives and retirees are considered
independent coverages. The baseline for calculating the total change in volume will be the volume
provided in the 2024 renewal census.
By Date '712 31- V—3
Title
Rate Confirmation Page 2 of 2