SUBJECT:
Title
Request Approval of Life Insurance Renewal with Standard Insurance Co. (Budget Impact - Neutral; expenditure of $628,507)
Body
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INITIATOR: |
DEPARTMENT: |
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Bobbi Perez, Director |
Human Resources |
DESCRIPTION/BACKGROUND:
The FY 2026-27 proposed renewal from Standard represents no rate increase as it is the second year of a two (2) 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 that retired 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:
Neutral; expenditure of $628,507. Total Group life insurance premium is estimated at $1,711,677, with anticipated contributions from employees and retirees of $1,083,169, for a total cost to Marion County of $628,507 which is included in the FY 2026-27 budget.
RECOMMENDED ACTION:
Recommended action
Motion to approve the Group Life Insurance renewal with Standard Insurance Company to be effective October 1, 2026.
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