City of Austin StaffReport Recommendation for Action 2026-05-28
Austin Amends Disability Insurance Contract, Adds $2.7M
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Description
The City of Austin approved an amendment to its long-term disability insurance contract with Life Insurance Company of North America, adding $2,700,000 for a revised total of $16,068,000. This action ensures continued insurance coverage for city employees at guaranteed rates through the end of the contract term.
Contract Details
Contract Amount
Increase by $2,700,000 for a revised total not to exceed $16,068,000
Vendor
LIFE INSURANCE COMPANY OF NORTH AMERICA
Agency
City of Austin city, TX
Contract Type
INSURANCE
Document Date
May 28, 2026
Contract Term
Total 6 years (Initial 2 years, Amendment 3 years, Optional Extension 1 year)
Renewal Date
2027-06-10
Renewal Info
Original 2-year term with 3-year amendment and optional 1-year extension. The contract was previously extended in 2023. Amendment adds $2.7M for additional coverage needed due to higher participation.
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