8/29/1983 - Laserfiche WebLink

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AUG 2*9 1983 PACE409, U Administrator Wright noted there is one thing which has not been discussed. We-have budgeted in the neighborhood of $154 monthly for family coverage. We are reducing coverages, and from an employee's standpoint, one of the trade-offs he wanted to make was to increase the life insurance -benefits to at least one times annual salary. He continued that if we go with the low bidder, we are within $5,000, from the taxing district budgets, of being able to provide the health coverage plus life insurance at one times salary. Commissioner Lyons did feel life insurance is important and asked what it would go to. Administrator Wright stated that we now pay for $5,000 life insurance and it would go to one times salary. We can do it with either, but with Aetna, it would be about $19,000 more to increase the life insurance benefit. Mr. Wright stated that life insurance money is about the same either way we go - one costs 56� per thousand and the other 601�. Gulf is cheaper, and he believed it is a $19,000 split. Mr. Barton pointed out that the present proposals are both based on $5,000 of life insurance, and he would expect either company to come down from those figures. Mr. Chalmers noted that there are larger amounts of life insurance on your young executives in the county, and it is anticipated that the unit rate would drop, but in checking the payroll on an annual basis with Mr. Barton, it appears that life insurance at one times salary would work out to roughly five million dollars of life insurance opposed to 2.5 million currently. He believed this came to about $1,500 a month or $18,000 a year, and if it was done on January 1st as proposed, he was led to believe that $12,000 would put them within the budget figure. Mr. Wright stated we are paying in life insurance now about $9,000-$9,300. He continued that he would like to 12