Title
Consider a resolution authorizing the Mayor to execute a Professional Consulting Services Agreement with Holmes Murphy & Associates, Inc. for group healthcare consulting services.
Body
Holmes Murphy & Associates, Inc. have provided consulting services for the past 15 years. The term of this agreement shall be for sixty (60) months from the effective date.
The consulting fee shall remain the same as at present in the sum of Seventy-two Thousand and no/100 dollars ($72,000.00) per year to be paid proportinately over a twelve (12) month period.
Within the scope of Consultant's work, a number of deliverables to include, but not limited to:
1. Developing actuarial sound funding and contribution strategies in harmony with overall benefits objectives and long-term strategies;
2. Analyzing active and retiree populations in whole and part and the relative impacts to the plans;
3. Evaluating and implementing retiree solutions that achieve both short and long term objectives of the City, while being mindful of overall plan performance;
4. Assisting in the development and ongoing performance review of the City's medical clinic; and
5. Providing ongoing management and oversight of vendor relationships, issue resolution and plan performance.
Cost: $360,000
Source of Funds: Self-Funded Health Insurance Fund