Make us your home page

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Pasco school district further backs away from insurance offer

LAND O'LAKES — The likelihood of Pasco County school district employees getting a new, free life insurance policy continues to shrink.

District leaders refused to send a letter to state insurance regulators reaffirming their intent to participate in the program, pending the outcome of a state review. The Office of Insurance Regulation is looking into whether a proposal to allow New York investors to put about $400 million tax-free into life insurance premiums would violate any rules or laws.

Some critics have suggested the concept is a scheme, similar to stranger-owned insurance. At least one expert has advised the district to stay away from the plan.

The financial adviser promoting the deal, Pollock Financial, asked superintendent Kurt Browning to send a letter to the OIR, saying without the district's statement of continuing interest the arrangement would collapse.

"I've got to make sure whatever we put in place is in the best interest of the employees and the district," Browning said.

The School Board has voted not to proceed with the plan until all due diligence has been completed and members can get assurances that the idea is legitimate. District leaders originally examined the proposal as a way to bolster funding for employee benefits. Assistant superintendent Ray Gadd wrote in a letter to Pollock Financial that they still had some interest.

"We appreciate your persistence and are hopeful that the purported benefits of the plan actually come to fruition," Gadd wrote, telling the group that the district would not be sending its requested letter of support.

Pasco school district further backs away from insurance offer 05/22/14 [Last modified: Thursday, May 22, 2014 9:27am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Adam Putnam calls for special session on medical marijuana


    Florida Commissioner of Agriculture and Republican candidate for governor Adam Putnam wants state lawmakers to come back to Tallahassee in a special session to finish the work on medical marijuana that they started but didn't finish earlier this month.

    Florida Commissioner of Agriculture Adam Putnam is a candidate for governor in 2018.
  2. We Tried That: Working on a food truck for a day


    What we tried: It seems like everyone and their mother wants to open a food truck.

    Carlynn Crosby prepares food at the Empamamas food truck in the Cigar City Brewing parking lot in Tampa this month. For a variety of reasons, food trucking is not for the faint of heart.
  3. Local child welfare non-profits lose funding as Eckerd Kids focuses on keeping children out of foster care


    When it comes to getting children out of foster care, the non-profit group Directions for Living has one of the best records in Florida.

    Eckerd Kids
  4. Carlton: A little less swagger, Mr. Mayor?


    In the dispute-gone-national over a bad joke uttered by Tampa's mayor, it is instructive to recall the nickname bestowed upon him by the local military.

    Tampa Mayor Bob Buckhorn fires a .50 caliber machine gun from a rigid hull inflatable boat during the International Special Operations Capabilities Demonstration at the Tampa Convention Center Wednesday, June 25, 2016. JAMES BORCHUCK   |   Times

  5. What you need to know for Wednesday, May 24


    Catching you up on overnight happenings, and what you need to know today.

    A manatee swims near the entrance to Three Sisters Springs on Kings Bay, some of many springs that feed the Crystal River in Citrus County. The Southwest Florida Water Management District is considering a proposal that would allow a decrease to the amount of fresh water flowing in the Crystal River so that water can be diverted to fuel development. Critics say similar proposals around the state could threaten Florida's environmental health. [DOUGLAS R. CLIFFORD | Times (2014)]