Consider and take action on Resolution No. 23-061 authorizing the Mayor to enter into an agreement with HUB International to provide insurance brokerage and consultation services.

In March 2023, the employee benefits committee requested proposals from qualified organizations for a contract for employee benefit plan brokerage and consulting services.  Seven (7) proposals were received and the committee reviewed those proposals based on experience, innovation, services, administering self-funded health plans, potential savings for employees as well as the City, etc.  The committee agreed to and interviewed five (5) of the organizations that submitted proposals.  After completion of the review process, the committee unanimously selected HUB International as the best choice.

HUB International began with the merger of eleven (11) independent, privately held insurance brokers in Canada in 1998.  Their global headquarters is in Chicago and they continue to grow both organically and through acquisition to this day.  They are the largest privately held broker in the United States and the fifth (5th) largest broker in the world.  HUB places a unique focus on employee benefits.  They approach employee benefits by transforming the insurance purchasing pattern from annual and episodic to a long-term strategic decision.  Their client benefit solutions increase employee health and productivity while lowering absenteeism and lowering overall total costs.

For the requested services, HUB charges $59,500 and will guarantee that rate for a period of three (3) years.  HUB is also willing to put 100% of their fees at risk based upon a mutually agreed upon set of performance-based criteria.

Optional services HUB provides (separate from the annual fee) are: Benefits Administration Systems, 1095c Reporting, HUB Call Center, GASB 74/75 Valuation, 457 Plan Consulting. etc.

It is the recommendation of the employee benefits committee to authorize the Mayor to enter into an agreement with HUB International.