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<br /> ..' '" <br />Memorandum - Personnel PolicylInsurance Benefits <br />Page Two . <br />February 19, 1998 <br /> This coverage would be a defined benefit provided at the cost of the City. <br /> The total cost for providing this coverage through Fortis Benefits <br /> Insurance Co. is $1,970 per year. This rate is guaranteed for 27 months. <br /> The increased annual cost to the City for providing this coverage is <br /> $1,298, <br />2. Short-Term Disabilitv <br /> a. Current <br /> The City currently provides short-term disability through Minnesota <br /> Mutual. The benefit amount is limited to $200 per week for non-union <br /> employees, Union employees pay the full cost of their STD benefit of <br /> $300 per week. The total cost for $200 of benefit for the non-union <br /> employees is $1,404 per year. <br /> b. Proposed <br /> Staff solicited proposals that would provide each employee with STD. <br /> There is a variety of components as part of STD that must be evaluated to <br /> determine which coverage best fits the need of City employees. . <br /> The STD coverage being proposed has the following specifics: <br /> . Begins 1st day of accident/8th day of illness <br /> . Benefit duration is 13 weeks <br /> . Benefit amount will be 60% of earnings, with $1 ,000/week <br /> maximum <br /> The total cost for providing this coverage through Fortis Benefits <br /> Insurance Company is $2,391.84. This rate is guaranteed for 15 months. <br /> The increased cost to the City for providing this coverage is $987.84. <br />3. Lonl!-Term Disability <br /> a. Current <br /> The City does not currently offer long-term disability insurance coverage. <br /> . <br />