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EMPLOYEE BENEFIT CONSULTATION SERVICES


Delivery Location
Boone County, MO, USA
Publication Date
01/23/2018 10:04 AM EST
Closing Date
03/02/2018 06:00 PM EST
Issuing Organization
City of Columbia
Solicitation Number
Description

Specifications include, but are not limited to:The City of Columbia is seeking a qualified consulting firm to provide actuarial, consulting and broker services for the employee benefits program. The City is interested in a qualified firm capable of taking a creative, innovative approach to the rising costs of health care and employee benefits, while maintaining fiscal responsibility. 1. Prepare strategic benefits review and report with benchmarking to other comparable municipalities and large local labor market employers. Need to provide strategic planning and benchmarking on an on-going basis. 2. Overall review and comparison of the City’s summary plan descriptions to other comparable municipalities. Identify benefit provisions that are outdated and should be modified. Provide recommendations on changes to benefit provisions that are in the best interest of the City. Provide an estimate, in a formal written report, of the cost savings the plan would realize by making the recommended changes. 3. Provide a complete analysis of the potential financial impact of recommended changes and detail any plan design changes due to recommended changes to be incorporated into the City’s present plan. 4. Perform an initial review and formal report of employee health benefits program for cost effectiveness, program design, competiveness and plan or claims administration. This review/analysis should include premium calculations, drug copay rates, I&U reserve requirements, etc. In addition, it should include retiree specific calculations that reflect GASB, OPEB accounting rules on retiree benefits, and options for the City to consider in addressing these issues. It is the goal of the City to continue to offer benefit choices to fit employee needs or preferences, to work to provide the level of coverage currently offered at an affordable contribution rate, and to maintain employee satisfaction with these services. 5. Perform annual reviews and reports of programs for renewal purposes. Establish renewal objectives. Request early notification from carriers. Communicate renewal and negotiations. 6. Provide written reports of findings and recommendations with definitive reasons for recommended changes in terms, conditions or limits. 7. Provide any necessary actuarial services/analysis of health insurance claims reserves, including projecting funding needs (or alternative funding) for upcoming fiscal year(s). In addition, it should include retiree specific calculations that reflect GASB, OPEB accounting rules on retiree benefits, and options for the City to consider in addressing these issues. 8. Participate in the appropriate audits of vendors, including voluntary benefit vendors, as requested, based on a statistically valid stratified random sample that achieves a minimum 95% confidence level and prepare comprehensive and detailed reports, and recommendations of the audit findings; review results with our plan administrators.

Source
https://columbia.ionwave.net/PublicDetail.aspx?bidID=3412&ret=OPEN (opens in a new window)

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