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Council approves Lincoln Financial for City'paid ancillary benefits
Summary
After a presentation from Gallagher, the council approved moving dental, vision, life and disability plans to Lincoln Financial (with some voluntary products remaining with Sun Life); council was told the package carries a multiyear rate guarantee while some lines will increase modestly.
The Lakeway City Council voted July 13 to accept staff'recommended vendors for ancillary employee benefits, approving Lincoln Financial for dental, vision, life and long'term disability lines while retaining certain voluntary products with Sun Life. Rebecca of Gallagher summarized the vendor comparison and recommended the Lincoln Financial option, noting it offers a two'year rate guarantee for many employer'paid lines.
Rebecca said the Lincoln option "is an increase on the dental by 4.7%" but later clarified the increase represented about $15 per employee compared with the city's current rates; vision and basic life/AD&D came in below current costs, and long'term disability was presented as roughly 13% below current rates. Council asked about portability for voluntary life and wellness benefits tied to preventative exams; Gallagher confirmed voluntary life is portable and the wellness credit is typically $50. After brief questions, Councilmember (8) moved to approve the ancillary benefits recommendation; the motion passed unanimously.
Staff said the change should preserve current benefits for employees while offering the city a multi'year rate guarantee on employer'paid ancillary lines. Human Resources will complete contract finalization and share plan materials with employees.
