Exhibit_C3_-_Securian_2023_-_2025_Rates.pdf
PDF 79 KB Posted
- Attached to
- RFP 25-02 Life Insurance Benefit Plans
- Solicitation number
- 0000036099
- Issued by
- San Bernardino County, California
About this file
This document is a proposed rate structure for life and accidental death & dismemberment (AD&D) insurance for the Superior Court of California, County of San Bernardino, covering the period from January 1, 2023, through December 31, 2025. The proposal includes multiple coverage types: Basic Life for 1,012 lives with a volume of $40,035,000, Supplemental Life for 656 lives with a volume of $117,680,000, Spouse Life for 229 lives with a volume of $7,370,000, Child Life for 314 lives with a volume of $5,320,000, and Voluntary AD&D for both employee-only (145 lives) and employee & family (375 lives) with volumes of $19,990,000 and $97,690,000 respectively.
The total proposed annual premium is $322,658, with rates structured by age brackets ranging from under 25 to 70+ years old. The proposal notes that the non-elective basic life rate is partially supported by participant-elected supplemental life rates, and recommends consulting legal and tax counsel regarding potential impacts on tax treatment under Section 79 of the Internal Revenue Code. The document, prepared by Minnesota Life Insurance Company (Securian Financial Group), assumes all lines of Life and AD&D coverage will be awarded to a single carrier and includes detailed rate tables showing per $1,000 monthly rates for each coverage type and age group.
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Text version
Basic Life 1,012 $ 40,035,000 $ 15,373
Age Rate
Under 25 $0.046
25 - 29 $0.046
30 – 34 $0.061
35 – 39 $0.068
40 – 44 $0.076
45 – 49 $0.114
50 – 54 $0.174
55 – 59 $0.326
60 – 64 $0.501
65 – 69 $0.963
70+ $1.563
Age Rate
Under 25 $0.082
25 - 29 $0.099
30 – 34 $0.131
35 – 39 $0.148
40 – 44 $0.164
45 – 49 $0.246
50 – 54 $0.378
55 – 59 $0.706
60 – 64 $1.084
65 – 69 $2.087
70+ $3.385
Child Life 314 $ 5,320,000 $ 7,022
Voluntary AD&D
Employee only 145 $ 19,990,000 $ 3,118
Employee & Family 375 $ 97,690,000 $ 25,790
$ 322,658
Rate Coverage Period:
SUPERIOR COURT OF CALIFORNIA, COUNTY OF SAN BERNARDINO
PROPOSED RATES
Coverage
Number of
Lives Volume
Rate per
$1,000 per month
Proposed Annual
Premium
$ 34,566
$ 236,788
$0.032
Supplemental Life 656 $ 117,680,000
$0.013
$0.022
$0.110
Spouse Life 229 $ 7,370,000
Our proposal assumes all lines of Life and AD&D coverage will be awarded to one carrier.
Total Annual Premium:
January 01, 2023 through December 31, 2025
© 2022 Securian Financial Group, Inc. All rights reserved. Minnesota Life Insurance Company
As a result of the current rate structure and the competitive bid process, we have proposed a rate structure similar to what is currently in place, where the non-elective basic life rate is partially supported by the participant-elected supplemental life rate.
To satisfy your responsibilities under ERISA and state law, each of your plan documents and related communications with plan participants should be consistent with the following, either currently or following acceptance of the enclosed rates:
• basic and supplemental coverages are structured as a single ERISA plan;
• participants who elect supplemental coverages are required to contribute specified premiums which are not necessarily equal to the expected cost of coverages elected by the participant and premiums paid by the plan for one coverage may cover some or all of the cost of another plan coverage;
• you do not promise to pay the full cost of any coverage, but instead agree to pay the difference between the total premium for all plan coverages and amounts contributed by participants; and
• plan assets, including participant contributions, may be used to pay any benefit or expense under the plan, including insurance premiums for any coverage.
In addition, your requested rate structure may impact the tax treatment of the coverages under Section 79 of the Internal Revenue Code.
Since this is your plan design decision, we encourage you to consult your own legal and tax counsel to ensure your desired result.
© 2022 Securian Financial Group, Inc. All rights reserved. Minnesota Life Insurance Company
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