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March 2014 Life and Long Term Disability Comparison for The City of Sunny Isles Beach <br /> LIFE&AD&D <br /> Carrier Mutual of Omaha Mutual of Omaha Lincoln <br /> Classed Defined <br /> Class 1: Full-Time City Managers&City Attorney <br /> Class 2: Full-Time Department Managers <br /> Class 3: All Other Full-Time Eligible Employees _ <br /> Class 4(CIGNA Only): Mayor or City Commissioner <br /> Life Benefit <br /> Class 1: $300,000 $300,000 $300,000 <br /> Class 2: 2 x salary up to$300,000 2 x salary up to$300,000 2 x salary up to$300,000 <br /> Class 3: 1 x salary up to$300,000 1 x salary up to$300,000 1 x salary up to$300,000 <br /> Class 4: <br /> Guarantee Issue $300,000 $300,000 _ $300,000 <br /> Reduction Formula <br /> At Age 65 to 65% to 65% by 35% <br /> At Age 70 _ to 40% to 40% additional 25% <br /> At Age 75 to 25% to 25% additional 15% <br /> Participation Requirements 100% 100% 100% <br /> Rate Guarantee months 12 Months Until 2/29/2016 24 Months <br /> Rates Current Negotiated Renewal <br /> Covered Volume $12,616,950 $12,616,950 $12,616,950 <br /> Life Rate per$1,000 $0.20 $0.18 $0.16 <br /> AD&D Rate per$1,000 $0.02 $0.02 $0.02 <br /> Monthly Premium $2,775.73 $2,523.39 $2,271.05 <br /> Annual Premium $33,308.75 $30,280.68 $27,252.61 <br /> LONG TERM DISABILITY <br /> Carrier Mutual of Omaha Mutual of Omaha Lincoln <br /> Class Defined <br /> Class 1: Full-Time City&Department Managers&City Attorney <br /> Class 2: All Other Full-Time Employees <br /> Class 3(CIGNA Only): Mayor or City Commissioner <br /> Benefit% 60% 60% 60% <br /> Maximum Monthly Benefit $10,000 $10,000 $10,000 <br /> Definition of Disabilty(own occ) --- <br /> Class 1: SSNRA r _ SSNRA MBP <br /> Class 2: 24 Months 24 Months 24 Months <br /> Class 3: <br /> Elimination Period _ 90 days _ 90 days 90 days <br /> Maximum Benefit Period <br /> Class 1&2: SSNRA _ SSNRA Later of 65 or SSNRA <br /> Class 3: <br /> Pre-existing Condition Limitation 3/12 3/12 3/12 <br /> r <br /> Mental&Nervous 24 Months 24 Months 24 Months <br /> Survivor income 3 Months 3 Months 3 Months <br /> Participation Requirement 100% 100% '—_ 100% <br /> Rate Guarantee months Until 2/29/2016 Until 2/29/2018 24 Months <br /> Rates Current Negotiated Renewal <br /> Covered Volume $962,139 $962,139 $962,139 <br /> LTD Rate per$100 Monthly Benefit $0.51 $0.49 $0.40 <br /> Monthly Premium $4,906.91 $4,714.48 $3,848.55 <br /> Annual Premium $58 882.89 $56,573.75 $48,182.66 <br /> TOTAL MONTHLY PREMIUM $7,682.84 $7,237.87 $6,119.61 <br /> TOTAL ANNUAL PREMIUM $92,191.64 $86,854.43 $73,435.27 <br /> %Over or Under Current Premium -6% •20% <br /> The information outlined is an overview and is for ilustrative purposes only. <br /> Carrier proposals disclose complete benefit and exclusion information and supersede any and all materials within. 2/9/2015 <br />