Sarasota County Schools
Agenda Item #15
Title
APPROVAL TO AWARD RFP #19-0250 FOR GROUP LIFE AND/OR LONG TERM DISABILITY INSURANCE
Description
Request for Proposals to provide 'Group Life and/or Long Term Disability Insurance' were received from eight proposers on May 20, 2018. The proposal of Hartford Life and Accident Insurance Company was the best value proposal meeting the advertised specifications for Life Insurance. The proposal of Metropolitan Life Insurance Company (MetLife) was the best value proposal meeting the advertised specifications for Long Term Disability Insurance. These proposals are for a three-year period. The funds for these purchases are contained in the budget allocated to Risk Management Department. Effective 2019 the rates for the Board-provided basic life insurance for active employees will be developed exclusively on the claim experience and demographics of the group. (Today the life insurance rates for active and retired employees are based on the combined experiences of these two populations.) This new practice is consistent with the approach taken by the majority of other school districts and large employers. The life insurance rate is a 7% decrease from the expiring rate; and the long-term disability insurance rate is a 6% decrease from the expiring rate.
Recommendation
That the proposal of Hartford Life and Accident Insurance Company for Life Insurance and of Metropolitan Life Insurance Company (MetLife) for Long Term Disability Insurance be approved as presented.
Contact
CORCORAN & LICHON/SPRINKLE
Financial Impact
Life Insurance: $.065 per $1000 of monthly covered volume. Long Term Disability: $.214 per $100 of monthly covered payroll.
Attachment: LifeandLongTermDisabilityInsurance190250-REC.pdf