Laserfiche WebLink
March 2016 <br /> Life and Long Term Disability Comparison for The City of Sunny Isles Beach <br /> LIFE&AD&D <br /> Carrier 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 <br /> Class 2: 2 x salary up to$300,000 <br /> Class 3: 1 x salary up to$300,000 <br /> Class 4: <br /> Guarantee Issue $300,000 <br /> Reduction Formula <br /> At Age 65 by 35% <br /> At Age 70 additional 25% <br /> At Age 75 additional 15% <br /> Participation Requirements 100% <br /> Rate Guarantee(months) 12 months <br /> Rates <br /> Covered Volume $12,910,944 <br /> Life Rate per$1,000 $0.16 <br /> AD&D Rate per$1,000 $0.02 <br /> Monthly Premium $2,323.97 <br /> Annual Premium • $27,887.64 <br /> LONG TERM DISABILITY <br /> Carrier 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% <br /> Maximum Monthly Benefit $10,000 <br /> Definition of Disabilty(own occ) <br /> Class 1: MBP <br /> Class 2: 24 Months <br /> Class 3: <br /> Elimination Period 90 days <br /> Maximum Benefit Period <br /> Class 1 &2: Later of 65 or SSNRA <br /> Class 3: <br /> Pre-existing Condition Limitation 3/12 <br /> Mental&Nervous 24 Months <br /> Survivor Income 3 Months <br /> Participation Requirement 100% <br /> Rate Guarantee months 12 Months <br /> Covered Volume $1,004,242 <br /> LTD Rate per$100 Monthly Benefit $0.36 <br /> Monthly Premium $3,615.27 <br /> Annual Premium $43,383.25 <br /> TOTAL MONTHLY PREMIUM $5,939.24 <br /> TOTAL ANNUAL PREMIUM $71,270.89 <br /> Over or Under Current Premium -23% <br /> The information outlined is an overview and is for illustrative purposes only. <br /> Carrier proposals disclose complete benefit and exclusion information and supercede any and all materials within. 2/11/2016 <br />