3.A.
Employee Benefit Trust Board Meeting
- Meeting Date:
- 06/12/2019
- Department Head:
- Maria Munoz
- Submitted By:
- Maria Munoz, HR Benefits Coordinator, Human Resources Department
ITEM:
Discussion and possible action on any and all matters regarding Stop Loss Renewal with Symetra Financial (Susan Posada, Consultant and Broker)
SUMMARY:
Initial quote for Sirius America Insurance Company was pending final review but due to claim increase, it caused them to modify quote to increase/exclude five (5) members from proposal. Broker and Consultant, Susan Posada's, recommendation is to keep Current Stop Loss Carrier, Symetra Financial which has agreed to retain the contract with no changes on current contract. Effective date of renewal, 07/01/2019.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO APPROVE THE STOP LOSS CARRIER'S PROPOSAL AND QUOTE FOR RENEWAL AS PRESENTED.
Fiscal Impact
Fiscal Impact:
Fiscal impact of $486,378.24 stop loss insurance cost has been budgeted in budget Fiscal Year 2019-2020.