SUBJECT:
Title
Request Approval of Life Insurance Renewal with The Standard Insurance Company (Budget Impact - Expenditure of $581,560)
Body
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INITIATOR: |
DEPARTMENT: |
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Sara Caron, Director |
Human Resources |
DESCRIPTION/BACKGROUND:
The FY 2025-26 proposed renewal from The Standard represents no rate increase as a result of negotiations and is the first year of a two-year rate guarantee.
The Basic and Accidental Death and Dismemberment coverage provided to active employees is one times salary, paid 100% by the County. Employee supplemental and dependent coverage is voluntary and paid 100% by employees.
Retirees have the option to keep 100% of their Basic and Supplemental coverage at the time of retirement and pay 100% of the premium, based on an age step rate. Employees retiring prior to October 1, 2009 are able to keep $10,000 of basic coverage at the group composite rate with all other coverage based on an age step rate.
BUDGET/IMPACT:
Expenditure of $581,560 - Total Group Life Insurance premium is estimated at $1,596,254, with anticipated contributions from employees and retirees of $1,014,694 for a total cost to Marion County of $581,560 which is included in the proposed FY 2025-26 budget
RECOMMENDED ACTION:
Recommended action
Board Motion to approve the Group Life Insurance renewal with The Standard Insurance Company to be effective October 1, 2025.
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