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Topics Of Discussion  
Council Work Session
 
Meeting Date:
05/16/2023
2024 BWC Group Retrospective Rating Program
Submitted By:
Katie Knisley
Department:
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
05/16/2023
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
Agenda Item Description or Legislation Title
2024 BWC Group Retrospective Rating Program
Purpose and Background
The City has been invited to join the BWC's Group Retrospective Rating Program through the Ohio Association of Public Treasurers Retro Group for the 2024 policy year. In this program, the premium is paid up front and claims during the policy year are surveyed for cost at 12, 24 and 36 months, then the difference between those costs and the premium will determine the amount of rebate the City will receive. This legislation authorizes the City Manager to enter into agreements with the Ohio Public Treasurer's Retrospective Group for policy year 2024 and with Sedgwick to continue as the City's TPA in order to assist in controlling the City's exposure to risk and potentially reducing BWC premiums.
Fiscal Impact
Source of Funds:
Various Funds
Cost:
$209,032
Recurring Cost? (Yes/No):
N/A
Funds Available in Current Budget? (Yes/No):
N/A
Financial Implications:
The fee for Sedgwick is $7,845 and the estimated premium cost for 2024 is $209,032
Attachments
Resolution
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