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AGENDA ITEM REVIEW FORM |
4.A.
Employee Benefit Trust Board Meeting
- Meeting Date:
- 06/14/2023
- Department Head:
- Adela Cortez
- Submitted By:
- Maria Barajas Gutierrez, Human Resources Coordinator, Human Resources Department
ITEM:
Discussion and possible action on any and all matters regarding action to hold an executive session pursuant to A.R.S.§§ 38-431.03(A) subsections (3) and (4) for discussion or consultation for legal advice with the City Attorney in order to consider the Trustees’ position and instruct the City Attorney regarding the Trustee's position regarding opening the broker/consultant contract to request for qualifications and contract negotiations. (Kay Marion Macuil, City Attorney).
SUMMARY:
The Trustees can be properly advised by holding an executive session for the purposes described in the agenda item.
As competition for the best candidates nationwide heats up, having competitive employee benefits is crucial for our agency. Employee Benefits impact not only our recruitment and retention efforts but also our reputation. Now, more than ever, we need to deliver benefits plans that are comprehensive, affordable, and creative.
The City of San Luis (COSL) Employee Benefit Trust has contracted the services of Susan Posada Agency Inc., for the last ten years, as a Broker/Consultant to provide strategic benefit planning, design, funding, administration, and communication with respect to its employee benefit programs. The last Amendment to Broker/Consultant Agreement dated May 22, 2013, which was approved on June 29, 2021, outlines in Paragraph 3.b that COSL Employee Benefit Trust may provide notice to the Broker of its intent to put out the Agreement for a Request for Qualifications and Proposal.
The Trust Executive Advisors are asking for approval to exercise this clause of the Contract Amendment to initiate Request for Qualifications and Proposals of Brokerage/Consulting Services and provide Susan Posada, Inc. a 30-day Notice of Intent by June 30, 2023.
After ten (10) years, it is important to explore the market for options in terms of Consulting Services to ensure the Trust is providing the benefit plans that meet our employees’ needs and at the best rates. Thus, exercising our fiduciary duty and following best practices.
As competition for the best candidates nationwide heats up, having competitive employee benefits is crucial for our agency. Employee Benefits impact not only our recruitment and retention efforts but also our reputation. Now, more than ever, we need to deliver benefits plans that are comprehensive, affordable, and creative.
The City of San Luis (COSL) Employee Benefit Trust has contracted the services of Susan Posada Agency Inc., for the last ten years, as a Broker/Consultant to provide strategic benefit planning, design, funding, administration, and communication with respect to its employee benefit programs. The last Amendment to Broker/Consultant Agreement dated May 22, 2013, which was approved on June 29, 2021, outlines in Paragraph 3.b that COSL Employee Benefit Trust may provide notice to the Broker of its intent to put out the Agreement for a Request for Qualifications and Proposal.
The Trust Executive Advisors are asking for approval to exercise this clause of the Contract Amendment to initiate Request for Qualifications and Proposals of Brokerage/Consulting Services and provide Susan Posada, Inc. a 30-day Notice of Intent by June 30, 2023.
After ten (10) years, it is important to explore the market for options in terms of Consulting Services to ensure the Trust is providing the benefit plans that meet our employees’ needs and at the best rates. Thus, exercising our fiduciary duty and following best practices.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO HOLD AN EXECUTIVE SESSION PURSUANT TO A.R.S. §§ 38-431.03(A) SUBSECTIONS (3) AND (4).