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Treasurer reports benefits changes: vendor switch, health and dental renewals; routine investment reporting
Summary
Treasurer Morrow recommended switching benefits administration to American Fidelity for many products, reported an 8.3% health-insurance renewal and a 6.1% dental premium increase, and presented routine investment reporting and employee-calendar approvals.
Treasurer Morrow presented several financial and benefits items to the board, including a recommendation to change some benefits vendors, insurance-renewal rates and routine compliance items.
Vendor and benefits changes Morrow recommended switching the district's benefits administration for many voluntary products to American Fidelity, saying the company offers many products at no cost to the district and that American Fidelity already provides some services to the district. He also recommended Enrollment Management Services for administration of health-reimbursement-account work tied to opt-out benefits.
Insurance renewals Morrow said the district's health-insurance renewal represented an 8.3% increase for this year and that dental premiums with MetLife are expected to rise 6.1%; administrators said there is no plan change linked to those renewals and that the district will shop dental in the coming year when contract terms permit.
Other routine items Morrow presented required investment reporting prepared by the district's advisor Redtree and asked the board to review employee calendars (which were updated to match negotiated agreements and handbooks). He noted the district is only one month into the fiscal year and had the usual bank reconciliations, checks and donations for routine review.
Ending Morrow said the district had benefited from favorable consortium participation in recent years and that, after recent low increases, current renewals returned the budget to market averages. He asked the board to review minutes and financial documents and to share questions within the week.
