24.
Commissioners Court - Regular Session
- Meeting Date:
- 06/06/2017
- Title:
- Symetra Life Insurance Company Voluntary Life Insurance Amendment 2
- Submitted For:
- Tara Raymore
- Submitted By:
- Shelley Loughrey, Human Resources
- Department:
- Human Resources
- Agenda Category:
- Regular Agenda Items
Information
Agenda Item
Discuss, consider and take appropriate action on authorizing the County Judge to execute the Policy Rider as submitted by Symetra Life Insurance Company, for the change as amended to the Schedule of Insurance – Life Insurance Benefit for the Certificate of Insurance LGC 13500/TX-SCH 08/06, as an Amendment to the Policy Holder Williamson County effective date of change January 1, 2016.
Background
This Amendment is to add language on Page 1 of the Amendment to correct the Life Insurance Guarantee Issue Amount to $100,000. Note: Amendment hardcopy received May 18, 2017.
As reference to the RFP that was published in late 2015 for an effective date of 1/1/2016. Under Section 5, Paragraph 3 is the language outlined at that time the current coverage to be quoted which outlines that Voluntary Life is available for employees to elect coverage increments of $10k up to (6) six times the employee’s annual salary not to exceed $300k and that $100K is the Guaranteed Issue amount.
No Negative Impact will be applied to employees as all employees are able to make this voluntary election and all have the Guaranteed Issue of the $100k to be applied to their voluntary election. Additionally, please note that: 1) all employees will be treated the same; and 2) that the reflected changes will match up what was stated in the county’s RFP (see attachment 2015 RFP for Voluntary Benefits for Basic Life, Voluntary Life & Short Term/Long Term Disability as outlined under Section 5. Proposal Specifications (but missed by Symetra when the policy was issued).
As reference to the RFP that was published in late 2015 for an effective date of 1/1/2016. Under Section 5, Paragraph 3 is the language outlined at that time the current coverage to be quoted which outlines that Voluntary Life is available for employees to elect coverage increments of $10k up to (6) six times the employee’s annual salary not to exceed $300k and that $100K is the Guaranteed Issue amount.
No Negative Impact will be applied to employees as all employees are able to make this voluntary election and all have the Guaranteed Issue of the $100k to be applied to their voluntary election. Additionally, please note that: 1) all employees will be treated the same; and 2) that the reflected changes will match up what was stated in the county’s RFP (see attachment 2015 RFP for Voluntary Benefits for Basic Life, Voluntary Life & Short Term/Long Term Disability as outlined under Section 5. Proposal Specifications (but missed by Symetra when the policy was issued).
Fiscal Impact
| From/To | Acct No. | Description | Amount |
|---|
Attachments
- Symetra Life Insurance Company Voluntuary Life Insurance Amendment 2
- 2015 RFP Basic Life and Voluntary LIfe Insurance, Voluntary Short Term/Long Term Insurance
- Symetra Policy Rider Life Ins
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| County Judge Exec Asst. | Wendy Coco | 05/31/2017 07:54 AM |
- Form Started By:
- Shelley Loughrey
- Started On:
- 05/30/2017 03:38 PM
- Final Approval Date:
- 05/31/2017