Title: IN1 TERM LIFE AND AD&D INSURANCE CONTRACT

Recommendation:
I recommend that the School Board approve the contract for Term Life and AD&D with MetLife beginning January 1, 2006 through December 31, 2008.

Description:

•  RFP #02C-013S was conducted in 2002 for employee Term Life and Accidental Death & Dismemberment Insurance. This is a renewal as allowed by the RFP.

 •  MetLife was the highest ranked proposer among the 12 responses.  This three-year contract renews at the same premiums as awarded in 2002. This policy renewal  is recommended by the District's consultant, EDIFY (formerly Chapman Schewe).

•  The monthly premiums are stated as cents per $1000 of Life Insurance and AD&D, and are as follows:

   Active Employee       $.215
   Spouse Coverage     $  .59
   Dependent Children  $  .30 per $5,000 (no AD&D
                                                          for children)

• This insurance policy provides District paid basic term life insurance in the amount of $20,000 for full-time employees and $10,000 for part-time employees.

•  The annual cost to the District is based on the above stated premium of $.215 per $1000 for 22,197 employees. The per employee annual premium is $51.60.

•  Employees can purchase additional optional term life for themselves at the same premium.  Optional spouse life is also available at the premium listed above.

Financial Impact:
The annual financial impact to the District for this coverage is $1,145,365.  The source of funds is the General Fund.

For Additional Information, contact:
Joseph M. Moore (moorej@palmbeach.k12.fl.us) \Dianne L. Howard