Exh 9DAGENDA ITEM N9D
SEPTEMIIER 8, 2003
CITY OF ATLANTIC BEACH
CITY COMMISSIONER MEETING
STAFF REPORT
ITEM: Approve renewal of employee basic life and Accidental Death and
Dismemberment (AD&D) insurance with ING Employee Benefits
(previously RELIASTAR).
SUBMiTTF,D BY: George Foster, Human Resource Manager
DATE: September 2, 2003
BACKGROUND: The City currently provides basic life insurance and AD&D
insurance to our employees in the amount of one times annual
salary rounded up. to the nearest thousand dollar amount with a
$50,000 maximum.
We have been advised by ING that our life insurance rate for basis
life insurance will be increased, effective October 1, 2003, by
$ 0.02 per each $1,000 of coverage or from the current rate of
$ 0.29 per $1,000 to $ 0.31 per $1,000 of coverage. Our AD&D
rate will remain at $ .04 per $1,000 of coverage.
FUNDING: It is estimated that the above change and the October 1, 2003
employee salary increases will increase the annual cost of City
provided life insurance by approximately $80.00 per month.
Action will be taken to include this additional funding within the
budget.
RF.COMMTNDATION: That the City Commission authorize continuing employee life
- insurance coverage with ING Employee Benefits.
CITY MANAGER: