3.A.
Employee Benefit Trust Board Meeting
- Meeting Date:
- 05/05/2021
- 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, Broker and Consultant)
SUMMARY:
There has been several large claims that have impacted the renewal cost of the Stop Loss Insurance. Susan Posada's recommendation is to keep Current Stop Loss Carrier, Symetra Financial. Effective date of renewal is July 1, 2021.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO APPROVE THE STOP LOSS CARRIER'S PROPOSAL FOR RENEWAL.
Fiscal Impact
Fiscal Impact:
- Increase of annual projected premium is 9.33% over current contract.
- Increase of total projected maximum funding is 27.05% over current contract.