SUBJECT:
Title
Request Approval to Amend Contract with The Standard Insurance Company to Increase Maximum Payout to $750,000 (Budget Impact - Neutral)
Body
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INITIATOR: |
DEPARTMENT: |
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Sara Caron, Director |
Human Resources |
DESCRIPTION/BACKGROUND:
The current life insurance provider, The Standard Insurance Company, has had a long-standing contract with Marion County Board of County Commissioners. As of October 1, 2024, the maximum payout amount was two times an employee’s salary, capping out at $500,000.
During this current fiscal year, two employees have received merit increase which increased their salary to over $250,000, thus making the maximum payout less than two times their salary.
The Standard Insurance Company has provided an amendment to the contract, which increases the maximum payout to $750,000, which will include all employees and ensure the maximum payout of two times their salary.
BUDGET/IMPACT:
Neutral; premium is already budgeted
RECOMMENDED ACTION:
Recommended action
Motion to approve amendment to contract with The Standard Insurance Company to increase maximum payout to $750,000.
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