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AGENDA ITEM REVIEW FORM |
3.A.
Special Employee Benefit Trust Board Meeting
- Meeting Date:
- 05/11/2022
- Department Head:
- Maria Munoz
- Submitted By:
- Maria Barajas Gutierrez, Human Resources Coordinator, Human Resources Department
ITEM:
Discussion and possible action on any and all matters regarding the stop loss final rate quote from Symetra Financial. (Susan Posada, Broker and Consultant)
SUMMARY:
There have been several large claims that have impacted the renewal cost of the Stop Loss Insurance. Ms. Posada's recommendation is to keep the current Stop Loss carrier, Symetra Financial. Effective date of the renewal is July 1, 2022.
The attached shows the detailed itemization of the rate options. Ms. Posada will explain the present the options. Here are the totals from the attachment.
TOTAL PROJECTED PREMIUM
Current
Monthly $ 54,360.26
Annual $ 652,323.12
Option 1
Monthly $ 62,428.18
Annual $ 652,323.12
Percentage of increase over current 14.84%
Option 2
Monthly $ 48,103.00
Annual $ 652,323.12
Percentage of increase over current -11.51%
Option 3
Monthly $ 67,235.38
Annual $ 806,824.56
Percentage of increase over current 23.68%
The attached shows the detailed itemization of the rate options. Ms. Posada will explain the present the options. Here are the totals from the attachment.
TOTAL PROJECTED PREMIUM
Current
Monthly $ 54,360.26
Annual $ 652,323.12
Option 1
Monthly $ 62,428.18
Annual $ 652,323.12
Percentage of increase over current 14.84%
Option 2
Monthly $ 48,103.00
Annual $ 652,323.12
Percentage of increase over current -11.51%
Option 3
Monthly $ 67,235.38
Annual $ 806,824.56
Percentage of increase over current 23.68%
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO APPROVE THE STOP-LOSS CARRIER'S RENEWAL PROPOSAL OPTION NUMBER _____ AS PRESENTED.
Fiscal Impact
Fiscal Impact:
- Increase of annual projected premium is 14.84% over current contract.
- Increase of total projected maximum funding is $270,363.60 (13.03%) over current contract