e|agenda.NET Sarasota County Schools

THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA Landings Administrative Complex 1980 Landings Blvd. 3:00 P. M.

October 16, 2007 Board Meeting Agenda Item #34 Title APPROVAL OF GROUP TERM AND VOLUNTARY LIFE INSURANCE PROGRAM WITH HARTFORD LIFE INSURANCE COMPANY Description The district received eleven (11) responses to RFP #8032 for group term and voluntary life insurance benefits effective 01/01/2008.  The recommended proposal is from the Hartford Life Insurance Company (The Hartford).  Their proposed rate per $1,000 of coverage for the School Board paid base benefit is $0.11, which is 31.3% lower than the expiring rate.  The annual cost to the district will be $375,755 or an annual savings of $170,798 and the rate is guaranteed for 36 months.  The voluntary life insurance (purchased by employees) rates are 25.1% lower than the expiring rates and guaranteed for 36 months. Recommendation That the group term and voluntary life insurance proposal from The Hartford, with an effective date of January 1, 2008, be approved as presented. Contact WEIDNER Financial Impact $375,755 for calendar year 2008 Attachment:  FINAL 2008 Life Ltr 10-02-07.pdf Attachment:  Group & Vol Life 01_01_08 RFP8032.pdf