On Tuesday night, the Collierville Board of Mayor and Alderman unanimously approved a rate increase for the long term disability insurance provided to all full time employees of the town.
Jay Jeffries, Director of Human Resources, presented the new resolution at the regularly scheduled meeting.
“The town provides long term disability insurance for all full time employees and has for quite some time,” he said.
The insurance coverage was provided via a contract signed in 2015 with Madison Life Insurance Company. The approved resolution renews the contract, but does note a rate increase.
“This is the first rate increase since the initial term of that contract,” Jeffries said. “The rate increase is due entirely to some very high claims that we have had over the last year.”
He explained that there has been an additional five claims, making a total of eight claims in the past 12 months.
This has resulted in a rate increase of approximately $15,000.