Okaloosa County BOCC — July 18, 2017 — Approve Amendment to Standard Insurance Company contract — agenda request

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: July 18, 2017 TO: Honorable Chairman and Members of the Board FROM: Laura Porter SUBJECT: Approve Amendment to Standard Insurance Company contract DEPARTMENT: Risk Management BCC DISTRICT: ALL STATEMENT OF ISSUE: The Risk Management Department requests Board approval of the proposed amendment to the Standard Insurance Company contract and requests authorization for the Chairman to sign the amendment. BACKGROUND: The County purchases $25,000 of basic life insurance coverage for all active, full time employees. Currently in order for employees to purchase life insurance for their spouse or children, the employee is required to purchase additional life insurance coverage on themselves beyond the $25,000 purchased by the county. The proposed amendment would allow employees to purchase coverage for their spouses at 100% of the employee’s basic life insurance and additional life combined. Therefore, the employee would be able to purchase $25,000 of coverage for their spouse based on the fact that they have $25,000 of basic coverage. In addition, the employees would be able to purchase up to the maximum of $10,000 of dependent child life without having to purchase additional life insurance on themselves. Making the change associated with this amendment retroactive to July 1, 2017, would provide coverage for employees affected by an interpretation error during plan administration. This amendment has been reviewed by the County Attorney. OPTIONS: Approve/Disapprove RECOMMENDATIONS: Staff recommends the Board approve the amendment to the Standard Insurance contract and authorize the Chairman to execute the document. RECOMMENDED BY: APPROVED BY: John Hofstad, County Administrator