Sarasota County Schools
Agenda Item #26
Title
APPROVAL OF RENEWAL OF GROUP TERM LIFE INSURANCE FOR CALENDAR YEAR 2007 WITH FLORIDA COMBINED LIFE INSURANCE COMPANY AT THE RATE OF $8 PER EMPLOYEE PER MONTH.
Description
The current and proposed rate of $8 per employee per month has been in effect since the 2002 calendar year. The coverage for appointed employees is $50,000, with a 50% decrease in benefit at age 70. Retirees can purchase the life insurance for $5,000 up to age 70 and $2,500 after age 70 at the rate of 16 cents per $1,000 coverage. The coverages have remained constant since the 1992 calendar year. The life insurance rates back to January 1, 1990, can be found on page 17 of the "Historical Summary" at www.sarasota.k12.fl.us/finance/accounting_forms/historicalbook.pdf.
Recommendation
That the Group Term Life Insurance contract with Florida Combined Life Insurance Company, effective January 1, 2007 through December 31, 2007, at the rate of $8 per appointed employee per month, be approved as presented.
Contact
LEMPE & MONSON/PALMER
Financial Impact
Estimated cost is $556,800 per year.
Attachment: Group Term Life Ins.pdf