Laserfiche WebLink
IC BARRUS COU I <br /> NOIHN CAiOLINA <br /> <br />May 28, 1996 <br /> <br />TO: Board of Commissioners <br /> <br />Existing employee life insurance provided by the county is $10,000 per employee with AD&D <br />coverage. Total cost per employee for the county for this coverage is $22.80/employee/year. <br />The total county expenditure for this benefit is $15,737 annually. <br /> <br />The $10,000 level is relatively low by today's standards. It is suggested that the Board of <br />Commissioners consider raising the coverage level to a level of $20,000 with AD&D. The cost <br />of the coverage goes down from $. 19/1000 to $. 18/1000 inclusive of AD&D. <br /> <br />The total cost of this increase in life insurance coverage for county employees is an additional <br />$14,076 based on 690 full time employees. The county's total cost for providing each employee <br />$20,000 base life insurance coverage inclusive of AD&D would be less than $30,000 annually. <br /> <br />The savings achieved in health insurance cost from the recent change in health coverage carders <br />was several times the cost of doubling the life insurance coverage available for county <br />employees. <br /> <br />Please review the attached documentation and advise me of your interest in this issue. Life <br />insurance is a benefit that we hope employees will never have to use. However, the $10,000 <br />current level would seem somewhat low. <br /> <br />If you feel it appropriate, I would like to included this item on the June llth agenda for your <br />consideration. Please advise before then if you object to its consideration. <br /> <br />FWC/bc <br /> <br />P.S. Attached information provided for reference. <br /> <br /> Office of the County Manager <br /> <br />P. O. Box 707. Concord, NC 28026:,0707. (704} 788-8100 · Charlotte 375-0829 <br /> <br /> <br />