Specifications include, but are not limited to: 2.1. An initial assessment of the current health insurance provided to VSTRS members that includes: 2.1.1.Analysis of the Plan’s competitiveness as compared to alternative plans; 2.1.2.Review and analysis of current plan design and coverage options with a recommendation regarding future plan design and coverage options; 2.1.3.Review of the current retiree health insurance landscape, both at the State and Federal level, to determine any changes that should be considered in the near and mid-term ranges; and 2.1.4.Assessment of the optimal time for rebidding health insurance coverage for VSTRS members. 2.2. Ongoing monitoring of the VSTRS Plan that includes: 2.2.1.Monthly tracking of claims against projected costs established in Plan rates; 2.2.2.Current vendor claims audits and operational reviews; 2.2.3.Annual review and analysis of rate filing request to Department of Financial regulation; and 2.2.4.General benefit plan consulting and advice. 2.3. Development and Review of a Request for Proposals and bid timelines for a new health insurance contract for VSTRS members to include the following: 2.3.1.New vendor implementation timeframes; 2.3.2.Analysis of bids in accordance with State’s purchasing criteria; 2.3.3.Participation in finalist presentations; 2.3.4.Evaluation of bidders and recommendation of finalists; and 2.3.5.Assistance with negotiation of contractual costs and services, and at the State’s request, assist in development of contract(s) and/or aid the State with new vendor program implementation.
