Sarasota County Schools
Agenda Item #32
Title
APPROVAL OF CALENDAR YEAR 2013 GROUP LONG TERM DISABILITY (LTD) INSURANCE RENEWAL WITH METLIFE
Description
MetLife has proposed to renew the expiring program at the new rate of $.0228 per $100 of rated payroll. This is an increase of 10% or an annual premium increase of $45,000. The estimated annual district paid premium will be $495,000. They have agreed to guarantee the rate for one year - January 1, 2013 through December 31, 2013. MetLife also proposed a 17% increase with a rate guarantee of 2 years. The District plans to market the LTD plan along with the life insurance products during 2013.
Recommendation
That the Board approve the the renewal of the district paid long term disability insurance plan with MefLife with a rate increase of 10% for calendar year 2013 as presented.
Contact
WHITE & CORCORAN/PETERSON
Financial Impact
$45,000.
Attachment: MetLife Group LTD - Renewal 01_01_2013.pdf