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CONSENT AGENDA <br />INDIAN RIVER COUNTY <br />I►�ii�►� [�I 7T�I�IiPi1 <br />TO: Jason Brown <br />County Administrator <br />FROM: Suzanne Boyll <br />Human Resources Director <br />DATE: June 16, 2020 <br />H N <br />SUBJECT: Approval of Renewal Contracts for Basic Life, Voluntary Life, Voluntary Retiree <br />Life, Voluntary Long -Term Disability with Mutual of Omaha and Dental Insurance <br />with Ameritas <br />BACKGROUND: <br />On June 12, 2018, the County renewed contracts with Mutual of Omaha for basic life insurance, <br />voluntary life insurance, voluntary retiree life insurance, and voluntary long-term disability (LTD). <br />The coverage with Mutual of Omaha has been in place since 2014. A contract was also renewed <br />wtih Ameritas for dental insurance. The rate guarantees for these benefits expire September 30, <br />2020. Lockton Companies has negotiated renewals with Mutual of Omaha and Ameritas. <br />LIFE LTD <br />The initial award of the contract with Mutual of Omaha was made in 2014 and the proposal was <br />submitted by insurance broker Lon Bryan. In early 2020, this benefit was transitioned to the <br />County's broker and benefits consultant, Lockton Companies, under the terms of the existing <br />agreement which expires September 30, 2020. Lockton has negotiated the following renewal <br />proposal with Mutual of Omaha effective October 1, 2020: <br />■ Basic Life (employer paid): <br />■ Child Life Rates (employee paid) <br />■ Retiree Life (Retiree paid) <br />■ Basic AD&D Rates (employer paid) <br />■ Voluntary Life Rates (employee Paid) <br />■ Voluntary AD&D Rates (employee paid) <br />■ Grandfathered and Composite Rated <br />■ Voluntary LTD (employee paid) <br />Increase from $0.168 to $0.182 per thousand <br />Increase from $0.60 to $0.64 per thousand <br />Increase from $0.70 to $0.75 per thousand <br />No change in rates <br />No change in rates <br />No change in rates <br />No change in rates <br />No change in rates <br />The initial renewal from Mutual of Omaha had an overall impact of 26.6%. In coordination with the carrier, <br />Lockton was able to negotiate renewal options to include minimal plan changes to reduce the financial <br />impact of the renewal. The most cost effective renewal has an overall impact of 7.1% and includes the <br />following plan changes: <br />164 <br />