1999-05-26 - Laserfiche WebLink

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V" on " \ o " cb 9 etv ■re/ Ap vC s MEMORANDUM T \N 4 4 . (i�19 DATE: May 20, 1999 /L ) 71 1/161/ TO: City Council FROM: Ry -Chel Gaustad RE: Group Short Term Disability (STD), Long Term Disability (LTD), and Accidental Death & Dismemberment/Life insurance Attached, please find a detailed description of benefit coverage/payout and four quotes for STD, LTD, AD&D /Life Insurance. Option 1 was quoted Including the Mayor to receive a group discount. Options 2 and 3 excluded the Mayor. Option 4 allows for a 3% cost of living increase for 10 years to the LTD benefit and increases the life insurance amount to $40,000. Life insurance amounts may be IndMdually Increased through a supplemental policy or the City my build In classes (I.e., Supervisors $50,000, Department Heads $45,000 and all other staff $25,000) (Option 5). The City of Circle Pines provides their employees with $10,000 term life Insurance/AD & D, STD and TD. The City of Lino Lakes provides $25,000 term life Insurance/AD & D and LTD for all full and part-time employees. The employees of the City of Circle Pines made concessions to have their plan In place, the following outlines same: The City of Circle Pines "bought out" all accrued sick time, full and part time employees earn a maximum of 6 annual leave days (may be used other than when sick). The City /employees must ensure that a maximum of $9.00 /month of the employees monthly health benefit allotment is applied prior to the payment any other benefits. The City of Lino Lakes provides their employees $25,000 term life and LTD. Currently, the City of Centerville has two Individuals who are obtaining life Insurance through NCPERS (PERA) and three Individuals who are obtaining same through PEIP. PERA's benefits decreasing term life and PEIP's benefits are $10,000 term Ilfe. REQUIREMENTS: 100% Participation City payment of the plan