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Board approves formulary changes, renewals and contract extensions; RFPs for TPA and student‑loan support advanced
Summary
The board approved pharmacy and medical formulary updates, authorized a one‑year $50 million renewal with Health Advantage, extended a technology contract for $1.75 million, and directed staff to issue/close several RFPs including for a third‑party administrator and student loan forgiveness support.
The Arkansas State Board of Finance approved updates to employee benefit formularies and cleared several contract and procurement steps intended to maintain and improve benefit administration.
Grama Wallace, representing the employee benefits division, presented pharmacy formulary recommendations for September–November, including dosage changes and a product switch from a Retevmo tablet to a capsule. The board approved the pharmacy recommendations by voice vote.
Staff then presented medical formulary changes — clinical/office‑administered drugs to be managed under the Health Advantage contract — and explained that six new‑to‑market products will be added with coverage criteria while others will be removed; the board approved those recommendations by voice vote.
On contracts, staff said there is a one‑year renewal available with Health Advantage for $50,000,000 for plan year 2025 and noted the third‑party administrator (TPA) RFP is in final drafting. Chair moved and the board approved proceeding with the renewal and related procurement steps.
The board also approved a one‑year extension with Mainstream Technologies through Dec. 31, 2025 for $1,750,000 to allow time for an RFP and transition to a potential new technology vendor. Staff noted additional RFPs are underway for a spousal health incentive reimbursement vendor and for a consultant to assist state employees with public student loan forgiveness enrollment and compliance.
Staff characterized the student‑loan vendor role as an employer‑facing enhancement to help employees navigate complex federal forgiveness requirements (120 qualifying payments over 10 years under public service programs). Board members asked procedural questions about RFP timing and vendor eligibility.
