Record #: R2017-43   
Type: Resolution Status: Failed to Pass
Intro date: 1/25/2017 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Call for City Comptroller and Director of Human Resources to create RFP for providers of financial wellness programs as benefit option for City employees
Sponsors: Moore, David H., Dowell, Pat, Curtis, Derrick G., Cardenas, George A., Arena, John, Moore, Joseph, Sawyer, Roderick T.
Topic: COMMITTEE/PUBLIC HEARINGS - Committee on Finance
Attachments: 1. R2017-43.pdf
Related files: R2019-362

City Council Meeting January 25, 2017

RESOLUTION Department of Finance

 

WHEREAS, the City Comptroller is responsible for payroll administration for City employees; and

 

WHEREAS, the Commissioner of Human Resources is responsible for fostering and developing programs for the improvement of employee effectiveness, including employee benefits; and

 

WHEREAS, in certain situations a City employee may need to buy a big-ticket item, such as a new refrigerator or computer, but be hampered by being low on cash and having a low credit score; and

 

WHEREAS, many of the commonly available options for such an employee are not ideal. For example, subprime/in-store credit "cards, payday loans and rent-to-own plans all include high interest rates and finance charges, and a premature withdrawal from retirement savings can result in penalties, taxes and high interest on repayment; and

 

WHEREAS, an attractive alternative is a program ofthe type commonly known as "financial wellness" programs. These programs offer an employee the ability to have installment payments for their necessary purchases deducted directly from their paycheck, at competitive interest rates. Such programs also often offer a suite of financial management tools, such as financial assessments and goal-setting, financial coaching, free or reduced-rate credit reports, and budgeting and debt analysis tools; and

 

WHEREAS, a financial wellness program, wisely used, could be a beneficial tool to help our employees responsibly enjoy the fruits of their labor, provide them with flexibility for suddenly needed consumer purchases, and enable them to become better-informed stewards of their own finances as well; and

 

WHEREAS, using a request for proposal ("RFP") process to procure a financial wellness program for the City will help to ensure a competitive, bias-free procurement, good value and an overall better result for our employees; now, therefore,

 

BE IT RESOLVED, that we, the Members of the City Council of the City of Chicago, do hereby direct the City Comptroller and the Director of Human Resources to work in concert with the Chief Procurement Officer ("CPO") to commence the necessary steps towards having the CPO draft and issue an RFP for providers of financial wellness programs, with the goal of having such a program available as a benefits option for City employees to use.

 

Aid. Joe Moreno (1st Ward)

Ald^Brian Hopkjns (2nd Ward)

Aid. Pat Dowell (3rd Ward)

Aid. Toni Foulkes (16th Ward) Aid. Derrick Curtis (18th Ward) Aid. Matt O'Shea (19th Ward)

 

Aid. Sophia King (4th Ward)

Aid. Willie Cochran (20th Ward)

 

Aid. Leslie Hairston (5th Ward)

Aid. Roderick Sawyer (6th/Ward)

 

Aid. Howard Brookins Jr. (21st Ward)

 

 

Aid. Ricardo Munoz (22nd Ward)

 

Aid. Matt Zalewski (23rd Ward)

 

Aid. Gregory Mitchell (7th Ward)

 

Aid. Michelle Harris (8th Ward)

 

Aid. Michael Scott Jr. (24th Ward)

 

Aid. Danny Solis (25th Ward)

 

Aid. Anthony Beale (9th Ward)

 

Aid. Roberto Maldonado (26th Ward)

 

Aid. Susan Sadlowski-Garza (10th Ward)

 

d. Patrick Daley Thompson (li,th Ward)

 

Aid. Walter Burnett (27th Ward)

 

Aid. Jason Ervin (28th Ward)

Aid. George Cardenas (12th Ward)

 

Aid. Marty Quinn (13th Ward)

 

Aid. Chris Taliaferro (29th Ward)

 

Aid. Edward Burke (14th Ward)

 

Aid. Ariel Reboyras (30th Ward)

 

Aid. Milly Santiago (31st Ward)

 

Aid. Raymond Lopez (15th Ward)

 

Aid. Harry Osterman (48thA/Vard)

Aid. Scott Waguespack (32nd Ward)

 

Alp. Joseph Moore

ire (49th Wai d)

X

 

Aid. Deborah Mell (33rd Ward)

 

Aid. Carrie Austin (34th Ward)

Aid. Debra Silverstein (50th Ward)

 

 

 

Aid. Carlos Ramirez-Rosa (35th Ward)

 

 

Aid. Gilbert Villegas (36th Ward)

 

 

Aid. Emma Mitts (37th Ward)

 

 

Aid. Nicholas Sposato (38th Ward)

 

 

Aid. Margaret Laurino (39th Ward

 

 

Aid. Patrick O'Connor (40th Ward)

 

 

Aid. Anthony Napolitano (41st Ward)

 

 

Aid. Brendan Reilly (42nd Ward)

 

 

Aid. Michele Smith (43rd Ward)

 

 

 

Aid. Thomas Tu

44th Ward)

 

Aid. James Cappleman (46th Ward)

 

 

Aid. Ameya Pawar (47th Ward)