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28. REFUND TO ALL STANDARD INSURANCE CO. SUPPLEMENTAL LIFE INSURANCE POLICYHOLDERS FROM FY 2008 TO FY 2012 1. Accept the remittance of approximately $3,401,641 for the experience rating refund from The Standard Life Insurance Co.; 2. Authorize the Employee Benefits and Health Department to pay a pro rata refund of $3,401,641 to employees who were supplemental life insurance policyholders through The Standard Life Insurance Co. during the period 7/1/2007 to 6/30/2012, less administrative expenses. The Contract for “Employee Life Insurance” Serial 05197-S with The Standard Insurance Company (“Standard”) (effective 7/1/2007 to 6/30/2012) contained a provision for an experience rating refund for Basic Life, Supplemental and Dependent Life. This provision provided the County with a refund of a portion of the premiums where experience was better than expected. Experience was better than expected only in the case of Supplemental Life, which when applying Standard’s Experience Rating Refund calculation, comes out to a refund paid to the County of approximately $3,401,641. As The Standard Life Insurance Supplemental Life premiums were entirely paid by participating employees, the County is not entitled to the proceeds of this refund, but rather must act as the fiduciary to pass the benefit of this refund to the policyholders. While several different alternatives are available to pass on this money, management has determined that the most equitable and efficient method of distributing the funds would be through a pro rata refund to policyholders. The Maricopa County Self-Insured Benefits Trust Fund Board of Trustees was informed of the proposed action at their regular meeting on January 27, 2014. (C-39-14-024-2-00)