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- 1 <br /> insurance benefit would create a $6.90 per month increase in group term life insurance premium <br /> costs for the City. <br /> Overall, the proposed changes to the short term disability, long term disability, and group term <br /> life insurance policies would result in a projected cost savings of$695.52 per year for the City. <br /> In 2005, the City is projected to spend $8,559.40 for short term disability, long term disability, <br /> and group term life insurance policies. If the proposed changes are adopted by the City Council, <br /> City staff is projecting that the City will $7,853.28 in 2006 for the aforementioned insurance <br /> policies. <br /> Based upon the direction of City Council at the October 17th work session meeting, City staff has <br /> included a breakdown of our existing insurance policies and the recommended changes to our <br /> short term disability, long term disability, and life insurance policies. <br /> Insurance Plan Current Plan Staff Recommended Plan <br /> Short Term Disability- • Taxable Benefit • Tax Free Benefit <br /> Acclaim Benefits . 66.7% of benefit to • 66.7% of benefit to <br /> $200/Per Week $1,000/Per Week <br /> 1st Day Injury/8th Day • 1St Day Injury/8th Day <br /> Illness Elimination Illness Elimination <br /> Period Period <br /> • 26 Week Duration • 13 Week Duration <br /> • $220.50 Per Month • $147.00 Per Month <br /> • $2,646.00 Per Year • $1,764.00 Per Year <br /> Long Term Disability Plan- • Taxable Benefit • Tax Free Benefit <br /> Acclaim Benefits . 60%benefit to $5,000 • 60%benefit to $5,000 <br /> Per Month Per Month <br /> • 3 Month EP to SSNRA • 3 Month EP to SSNRA <br /> • Or Definition of • And Definition of <br /> Disability Disability <br /> • $397.60 Per Month 0 $406.24 Per Month <br /> $4,771.20 Per Year • $4,874.88 Per Month <br /> Group Term Life Insurance- • $10,000 Per Employee • $ 20,000 Per Employee <br /> Minnesota Life Benefit Benefit <br /> • $94.30 Per Month • $101.20 Per Month <br /> • $1,131.60 Per Year • $1,214.40 Per Year <br /> Recommendation <br /> City staff is recommending City Council approval of the proposed changes to the City's <br /> employee insurance benefit packages. <br /> \\Metro-inet.us\ArdenHilis\Admin�Assistant City Ad mini strator\M emo's and Letters\2005\Life and Disability Insurance Benefits Memo-I1-14- <br /> 05.DOC <br />