Sarasota County Schools
Agenda Item #35
Title
APPROVAL OF CALENDAR YEAR 2011 GROUP LONG TERM DISABILITY INSURANCE RENEWAL WITH METLIFE
Description
MetLife has proposed to renew the expiring program at the new rate of $0.207 per $100 of rated payroll. This is an increase of 15% or an annual premium increase of $62,000. The estimated annual district paid premium will be $477,266. They have agreed to guarantee the rate for two (2) years -- January 1, 2011 through December 31, 2012. The LTD program is an employer paid benefit provided as part of the school district collective bargaining agreement. The plan replaces 60% of the disabled employee's base salary after a 90 day elimination period or the expiration of accrued sick leave, whichever is greater.
Recommendation
That the School Board of Sarasota County approve the renewal of the district paid long term disability insurance plan with MetLife with a rate increase of 15% for calendar year 2011 as presented.
Contact
WHITE & CORCORAN/PALMER
Financial Impact
The cost for January 1, 2011 - June 30, 2011 is estimated at $31,000.
The total contract cost for January 1, 2011 - December 31, 2011 is approximately $62,000.
Attachment: Group LTD Insurance - Renewal 01-01-2011.pdf