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March 2018 Basic Life and Long-Term Disability Comparison for City of Sunny Isles Beach
<br /> LIFE&AD&D
<br /> Carrier - .. -':,r"Mutual of Omaha _
<br /> Classed Defined All FT City Managers All FT Department All Other FT _ All FT City Managers All FT Department All Other FT '
<br /> I Benefits
<br /> Life Benefit $300,000 2x Salary to$300,000 lx Salary to$300,000 $300,000 2x Salary to$300,000 lx Salary to$300,000
<br /> ADBD Benefit $300,000 2x Salary to$300,000 lx Salary to$300,000 5300,000 2x Salary to$300,000 lx Salary to$300,000
<br /> Guarantee Issue $300,000 $300,000 $300,000 $300,000 $300,000 $300,000 .
<br /> Reduction Formula
<br /> At Age 65 by 35% to 65%
<br /> At Age 65 by additional 25%of original amount _____ _ to 40% __
<br /> At Age 65 by additional 15a/of original amount to 25%
<br /> Other
<br /> Additional Benefits
<br /> Accelerated Benefit 75%to$225,00080%to$240,000
<br /> Waiver of Premium included Included
<br /> Conversion Included Included
<br /> Portability Not Included Not Included
<br /> Contribution Type Non-Contributory Non-Contributory
<br /> Participation Requirements 100% 100%
<br /> Rate Guarantee months Until 3/1/201824 Months
<br /> . ('Current' :' Isammisimilimimmisz
<br /> Covered Volume _ $13,726,000 _ $13,726,000
<br /> Life Rate per$1,000 $0.160 $0.090 ,
<br /> AD&D Rate per$1,000 $0.020 50.020
<br /> Monthly Premium $2,470.68 $1,509.86
<br /> Total Annual LlfeIAD&D Premium $29,648.16 $18,118.32
<br /> $Change in Total Premium -$11,529.84
<br /> LONG TERM DISABILITY
<br /> Carrier • *..Lincoln Mutual of Omaha' - . •
<br /> FT City Manager,Attorneys and All other FT Employees actively FT City Manager,Attorneys and All other FT Employees actively
<br /> Class Defined Deet Mane.ers Activel at Work at work Dept Managers Actively at Work at work
<br /> Benefits
<br /> Maximum Monthly Benefit $10,000 $10,000
<br /> Benefit% 60% 60%
<br /> Elimination Period _ ___ 90 Days -_ 90 Days
<br /> Maximum Benefit Period Later of Age 65 or SSNRA RBD to SSNRA
<br /> ---- ---- -- ---
<br /> Pre-existing Condition Limitation 3/12 3/12
<br /> Mental&Nervous 24_Months 24 Months
<br /> Survivor Income 3 Months 3 Months
<br /> Definition of Dlsabilty
<br /> Own Occupation Coverage Period To Age 65 _—I- 24 Months -- RBD to SSNRA I 24 Months
<br /> Return to Work Incentive 6 Months 6 Months
<br /> Contribution Type Non-Contributo Non-Contributory
<br /> Participation Requirement 100% 100%
<br /> Rate Guarantee months Until 3/1/18 24 Months .
<br /> Covered Volume $1,048,783 $1,048,783 _
<br /> LTD Rate per$100 Monthly Benefit $0.360 $0.320
<br /> Monthly Premium $3,775.62 $3,356.11
<br /> Total Annual LTD Premium $45,307.44 $40,273.28
<br /> $Change In Annual Premium -$5,034.16
<br /> TOTAL FINANCIAL SUMMARY - '',1; F.- ..:.,;.-'-::? ...••=-‘".1‘...;'1 - •., .' .- I
<br /> TOTAL ANNUAL PREMIUM $74,955.60 $58,391.60
<br /> TOTAL%Change _ _ -22.10% _
<br /> TOTAL$Change -$16,564.00
<br /> th"`r Rates shown are based on census date provided.Final rates ere subject to undenvrdng and actual enroa'nent.
<br /> +'F"• This comparison is for alustratnie purposes only.The tub pokey and certificate of coverage will supersede any
<br /> 40: x- and al rnaterbis provdea herein. Page 3 of 4
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