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Board approves three-year extension with FBMC to manage retiree life-insurance payments
Summary
The Putnam County School Board approved an extension and renewal agreement with FBMC Benefits Management to continue administering retiree group life insurance billing and collections, a contract that the district said has been in place about ten years and will continue under a three-year term with one-year renewals.
The board approved an extension and renewal agreement with FBMC Benefits Management to continue managing retiree group life insurance enrollment and monthly collections. District staff said the FBMC contract helps retirees by collecting monthly premiums directly from their bank accounts and issuing a monthly roster and check to the district.
Staff explained the contract has been in place roughly ten years and the specific agreement approved carries a three-year term with three one-year renewals. The contract covers core life benefits administration; one example given was a life-insurance premium near $100 per month that FBMC collects directly from retirees.
A board member who questioned the contract said the FBMC website provided little detail; district staff and the presenter described the firm's role as making premium collection easier for retirees and reducing the administrative burden on district offices. The motion to adopt the extension and renewal agreement for FBMC Benefits Management (agenda item G4) passed unanimously.
