HomeMy WebLinkAbout20080902 - VI-14To: Mayor Hicks and City Council
From: Melanie Mesko Lee
.Date: August 27, 2008
Re: 2009 Life and Long Term Disability Rates
Requested Council Action:
Accept the following life and long-term disability insurance rates for 2009:
Life: Minnesota Life
Basic/AD&D (city paid) Increase from $.165/$1,000 to $.19/$1,000
Supplemental
Age 2008
Rate per
$1,000 2009
Rate'-.per
$1,000
Under 25 0.04 $0.05
25-29 0.04 $0.06
30-34 4.04 $0.08
35-39 $0:08 $0.09
40-44 $0.12 $0.12
45-49 $0.21 $0.21
50-54 $0.37 $0.37
55-59 $0.61' $0.61
60=64 $0.75 $0.75
65-69 $1.3I $T.31
70-74 $2.38 $2.06
75+ $2.38 $2.06
Dependent: no change; remains at $1.30/$10,000 coverage
Long-Term Disability (Assurant)
Increase from $0.35/$100 to $0.37/$100
Back~round•
In 2006, the City went out for bids for our life and long-term disability rates. The rates accepted
were guaranteed for 2 years (2007 & 2008). While there is an increase in rates, the 2009 rates are
all still below what was charged in 2006 before we went out for bids. Staff recommends approval
of the 2009 rates.
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