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11.F. LIFE INSURANCE INCREASE FOR COUNTY EMPLOYEES <br />RETIRING ON OR AFTER OCTOBER 1, 1999 <br />The Board reviewed a Memorandum of July 21, 1999: <br />TO: James E. Chandler <br />County Administrator <br />FROM: Ronfaker <br />Director of Personnel <br />DATE: July 21, 1999 <br />SUBJECT: Retirees' Life Insurance <br />Staff requests consideration of the following information at the July 27, 1999, regular meeting of the <br />Board of County Commissioners. <br />Background <br />Employees who retire from Indian River County are eligible to continue the life insurance. Under the <br />current policy provision the retiree is eligible to continue $10,000 of life insurance and at age 70 the <br />amount would reduce by 50%. <br />This amount of life insurance has been in effect for at least 13 years and due to inflation its value has <br />diminished. Staff requested Lon Bryan, our life insurance agent, to research and determine the effect <br />of an increase in the amount of life insurance by $10,000. According to Lon Bryan, as a result of <br />our claims experience this increase would not affect our current rates. <br />Recommendation <br />Based on the aforementioned, staff is requesting the Board execute the attached Insurance <br />Amendment to increase the retiree life insurance from $10,000 to $20,000 effective October 1, 1999. <br />The increase would apply to all employees retiring on or after 10/01/99. <br />ON MOTION by Commissioner Adams, SECONDED BY <br />Commissioner Grin, the Board unanimously authorized the <br />Chairman to execute the proposed Insurance Amendment to <br />increase the retiree life insurance from $10,000 to $20,000 <br />effective October 11, 1999, which would apply to all employees <br />retiring on or after October 1, 1999, as recommended in the <br />Memorandum. <br />JULY 27,1999 <br />COPY OF REQUEST FOR GROUP INSURANCE AMENDMENT <br />IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD <br />79 <br />900K A9 FAGE 2 "3 <br />