Ms. Dawn Loren, Director of Human Resources and Risk Management, stated the supplemental life insurance was first offered to retirees in 2011. The rates from 2011 to 2016 were $84.00 with a small increase in 2017 to $92.40. She noted in 2011 there were 20 retirees on the plan and currently there were 91. She explained the contributing factors for increase included number of retirees, census of the plain, and claims exposure.
Mr. Mike Villella, Director of Finance, stated Cigna had submitted a revised proposal for the next two years which reduced costs for retirees from $990.00 to $600.00 for $50,000 of coverage, $495.00 to $300.00 for $25,000 and $198.00 to $120.00 for $10,000. He explained the four options for Council to consider included
Mr. Mike Villella, Director of Finance, stated Cigna had submitted a revised proposal for the next two years which reduced costs for retirees from $990.00 to $600.00 for $50,000 of coverage, $495.00 to $300.00 for $25,000 and $198.00 to $120.00 for $10,000. He explained the four options for Council to consider included