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 #35 Title APPROVAL OF GROUP LONG TERM DISABILITY INSURANCE PROGRAM WITH METLIFE INSURANCE COMPANY Description The district received ten (10) responses to RFP #8033 for group long term disability insurance benefits effective 01/01/2008.  The recommended proposal is from MetLife Insurance Company (MetLife).  Their proposed rate per $100 of payroll for the School Board paid base benefit is $0.18, which is 35.7% lower than the expiring rate.  The annual cost to the district will be $406,882 or an annual savings of $226,045, and the rate is guaranteed for 36 months.  The terms and conditions of the policy are the same, or better than, the expiring program. Recommendation That the group long term disability insurance proposal from MetLife, with an effective date of January 1, 2008, be approved as presented. Contact WEIDNER Financial Impact $406,882 for calendar year 2008. Attachment:  FINAL 2008 Disability Ltr 10-02-07.pdf Attachment:  Group LTD 01_01_08 RFP8033.pdf