REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
July 9, 2024
FROM
MICHAEL BOWERS, Director, Human Resources Department
SUBJECT
Title
Life & Accidental Death & Dismemberment Insurance Contract
End
RECOMMENDATION(S)
Recommendation
Approve contract with Minnesota Life Insurance Company to provide basic term life, voluntary supplemental term life, accidental death and dismemberment, and group universal life insurance benefits for eligible employees and dependents for the period of July 20, 2024 through July 20, 2029.
(Presenter: Michael Bowers, Director, 387-5570)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
FINANCIAL IMPACT
Approval of this item will not result in the use of additional Discretionary General Funding (Net County Cost). Rates for this item were approved by the Board of Supervisors (Board) on May 21, 2024 (Item No. 36). The new contract will result in the following financial impact:
Plan
Estimated Annual Current Costs
Estimated Annual New Contract Costs
Estimated Annual
Increase
Estimated Increase Over the 5-year Term
Basic Term Life Insurance
$530,829
$532,344
$1,515
$7,575
Supplemental Life Insurance
$4,677,715
$5,046,380
$368,665
$1,843,325
Accidental Death & Dismemberment
$393,503
$393,503
$0
$0
Group Universal Life Insurance
$81,392
$81,392
$0
$0
Total:
$5,683,439
$6,053,619
$370,180
$1,850,900
Basic term life insurance premiums for eligible employees are paid for by County departments via payroll deductions. Sufficient appropriation will be included in future recommended budgets. Voluntary supplemental life insurance premiums are paid for by County employees via payroll deductions. Accidental Death & Dismemberment (AD&D) premiums are paid by employees and Group Universal Live (GUL) premiums are County and/or employee paid pursuant to the terms and conditions set forth in the County Exempt Group Work...
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