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Life and short‑term disability renewals proposed for three‑year hold from Securian/Oakes, Madison National
Summary
Oakes Inc. on behalf of Securian (life) and Madison National (short‑term disability) presented renewal terms; trustees were briefed on pool membership and a recommended three‑year rate hold for life products and one‑year rate continuation for short‑term disability.
Bill Oakes, representing Oakes Inc. and the county’s carriers, reviewed life‑insurance and short‑term disability experience and proposed renewals. He said the county is part of a municipal pool administered by Securian that provides scale and relative pricing stability. Oakes proposed a three‑year rate guarantee for the county’s life and voluntary life insurance lines at current rates; short‑term disability (Madison National) remains on a one‑year rate cycle with no immediate change proposed.
Oakes walked trustees through five years of group experience and noted that 2021 had pandemic‑related spikes but that the five‑year trend since then had stabilized. He explained how the municipal pool (Oakes described it as founded in 1955) spreads risk across many public employers and said the pool had grown materially in the prior year, reducing per‑subscriber volatility.
Trustees were offered the proposed three‑year hold for life products; the board did not take separate action during the meeting on this item beyond asking clarifying questions; the vendor reports will be used to finalize contracting and the renewal schedule.
Ending: Trustees asked for continued monitoring of mortality and disability experience and for staff to proceed with negotiations and contract execution consistent with procurement and county‑attorney review.
