e|agenda.NET Sarasota County Schools |
THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA Landings Administrative Complex 1980 Landings Blvd. 3:00 P. M. |
Agenda Item #36 Title APPROVAL OF CALENDAR YEAR 2011 GROUP BASIC & VOLUNTARY LIFE INSURANCE RENEWAL WITH HARTFORD Description 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%. Recommendation 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. Contact WHITE & CORCORAN/PALMER Financial Impact The cost for January 1, 2011 - June 30, 2011 is estimated at $58,500. Attachment: Hartford Group Life - Renewal 01_01_2011.pdf |