Hartford has proposed to renew the expiring basic (core) life insurance program at the new rate of $0.147 per $1,000 of coverage, which equates to $7.35 per employee per month.  This is an increase of 34% or an annual premium increase of $117,000.  The estimated annual district paid premium will be $467,000.  They have agreed to guarantee the rate for two (2) years -- January 1, 2011 through December 31, 2012.  The basic $50,000 life program is an employer paid benefit provided as part of the school district collective bargaining agreement.

Hartford has proposed to renew the expiring voluntary (supplemental) life insurance program paid for by employees with a rate increase of 10%.

That the School Board of Sarasota County approve the renewal of the district paid basic life insurance and employee paid voluntary life insurance plan with Hartford with rate increases of 34% and 10% respectively for calendar year 2011 as presented.

The cost for January 1, 2011 - June 30, 2011 is estimated at $58,500.
The total contract cost for January 1, 2011 - December 31, 2011 is approximately $117,000.