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UTILITY BOARD APPROVES THE RENEWAL OF KEYS ENERGY SERVICES’ HEALTH PLAN

09/14/2004 ~ The Utility Board approved the renewal of Keys Energy Services (KEYS) Health Benefit Plan self-insurance program utilizing Preferred Benefit Administrators, Inc., and Alliance Insurance Company for the Stop-Loss Insurance, effective October 1, 2004.

KEYS began self-insuring health benefits on October 1, 2003. Interisk, KEYS Insurance Consultant, along with Preferred Benefit Administrator’s, Inc. and staff, have reviewed the program and recommended that the plan continue with some insurance rate and benefit modifications, including a rate increase of about seven percent. KEYS’ Benefits Consultant reviews the program on a monthly basis and ensured the Utility Board that it is sound, and that the rate increase will be sufficient to cover expenses.

The Board was also briefed on the Special Meeting of the Pension Board of Trustees that took place on August 30th. It was confirmed that 87 of Keys Energy Services (KEYS) pension recipients have received greater benefits than they should have received since 1998 when a miscalculation in benefits occurred. The Pension Board voted at the August 30th meeting to reduce the retirees’ monthly benefits back to what it was supposed to be effective October 1st, in order to give the retirees 30 days notice.

In other business, the Board:

- Approved Resolution #723 designating the week of October 3-9, 2004, as Public Power Week for local public power communities.

- Approved the Market Rate Lease, Escrow Agreement, Assignment and Assumption Agreement, and Amendment #3 (Binding Contract for Lease) between KEYS, Old Town Key West Development, and Decubellis, Meeks, & Uncapher, PA (Escrow Agent).

- Approved KEYS’ Life, Accidental Death & Dismemberment (AD&D), and Long-Term Disability program.

The regular meeting of the Utility Board took place at 5:00 p.m., August 8th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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