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06/17/2014
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06/17/2014
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Last modified
2/5/2020 11:18:44 AM
Creation date
3/23/2016 8:48:11 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
06/17/2014
Meeting Body
Board of County Commissioners
Book and Page
144
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FilePath
H:\Indian River\Network Files\SL00000D\S0003VR.tif
SmeadsoftID
13708
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The basic life for employees is employer paid. Mutual of Omaha's quote results in a cost savings to the <br /> County of approximately$24,720 annually using the current volume of coverage. The current composite <br /> rate for basic life is $0.230 per$1,000 of coverage. Mutual of Omaha's proposed composite rate for basic <br /> life is$0.198 per$1,000 of coverage. <br /> Mutual of Omaha's quote for the voluntary life for employees and their dependents, which is employee <br /> paid,matches existing rates. <br /> Mutual of Omaha's quote for voluntary retiree life insurance, which is retiree paid, increases the premium <br /> from$4 to $10 per month for a$20,000 policy. However, this cost shifting allows greater cost savings in <br /> the basic life. Even with this increase, the new rate is well below the market rate for a guaranteed-issue <br /> life insurance policy. For comparison purposes, a 60-year-old active employee who elects to purchase <br /> $20,000 of voluntary life insurance will pay$15.20 per month. <br /> Voluntary Long-Term Disability Insurance: <br /> Voluntary long-term disability insurance is employee paid. The County's current provider, Mutual of <br /> Omaha, is one of two providers that have the lowest cost. The proposed rates are a decrease from current <br /> rates, resulting in a savings of approximately $6,144 annually using the current volume of coverage. <br /> Mutual of Omaha also agreed to a three-year rate guarantee. <br /> Dental Insurance: <br /> Dental insurance is employee paid. Ameritas has the lowest cost, and as a result of the Constitutional <br /> Offices of Tax Collector and Supervisor of Elections electing to join the County's plan, there will be a <br /> savings of approximately $23,907 annually using the current volume of coverage. Without these two <br /> Constitutional Offices, there still would be a savings of$15,977. Ameritas also agreed to a two-year rate <br /> guarantee. <br /> STAFF RECOMMENDATION: <br /> Staff recommends awarding contracts for the lite insurance and voluntary long-term disability insurance <br /> to Mutual of Omaha and the dental insurance to Ameritas. Staff also recommends authorizing the County <br /> Administrator to execute the contracts. The effective date of the contracts will be October 1, 2014. <br /> ATTACHMENTS: <br /> 1. Group Life Proposal Review <br /> 2. Group Voluntary LTD Proposal Review <br /> 3. Group Life and LTD Insurer Qualifications <br /> 4. Group Life and LTD Recommendations <br /> 5. PPO Dental Insurance RFP Evaluation <br /> APPROVED FOR AGENDA: <br /> r &AJa We, q 4/ <br /> seph A. Baird, County Administrator lAte <br /> Approval Date <br /> Admin. <br /> Legal CANt <br /> Budget i <br /> Dept. Lp to r <br /> Risk Mgmt. <br /> 25 <br />
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