Title
Approval for the Mayor and/or City Administrator to sign a renewal contract with Aetna for group health benefits in the amount of $5,599,236 and approval of the City of Roswell Employee Benefits program for the period October 1, 2013 to September 30, 2014.
Presented by Dan Roach, Human Resources Director
Body
Item Summary:
An RFP was issued and invitations to bid were solicited from all major insurance providers in the marketplace for all lines of coverage (Medical, Dental, Vision, Life, Short and Long Term Disability). Bids were received and evaluated on the basis of coverage levels, disruption rates, price, short and long term funding strategy and competitor benefits. The recommendation is to renew coverage with Aetna for an HRA (Health Reimbursement Arrangement) and an HSA (Health Savings Account) for medical insurance coverage for all eligible employees. These plans are high deductible, consumer driven plans with the same plan design offered last year.
Committee or Staff Recommendation:
On July 9, 2013 the Administration, Finance, Recreation and Parks Committee recommended placing this item on the July 22, 2013 Mayor and Council Agenda.
Financial Impact:
The total FY 2014 Approved Budget for Group Insurance is $6,338,331. The City has budgeted and approved an amount of $5,568,498 for the City portion of the benefit costs for FY 2014. Funds are available in org 60215402, account 512100.
Presented by:
Dan Roach, Human Resources Director