Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Contract with Cigna Health and Life Insurance of Bloomfield, CT to Provide Stop Loss Insurance
Summary
COUNCIL GOAL: Financially Sound Government
(4D: Create financial plans for future growth as well as future maintenance)
MEETING DATE: December 3, 2024
DEPARTMENT: Human Resources
Procurement Services
CONTACT: Jim Parrish, Director of Human Resources
Olivia Nahas, Human Resources Manager
Sean Fu, Buyer II
RECOMMENDED CITY COUNCIL ACTION:
• Approval of Resolution
ITEM SUMMARY:
• This Resolution authorizes the City Manager to enter into a contract with Cigna Health and Life Insurance for Stop Loss Insurance.
BACKGROUND INFORMATION:
• The City issued a Request for Proposals, 24-65RFP for Stop Loss Insurance on August 4, 2024.
o Advertised in McKinney Courier Gazette
o Posted on McKinney TV
o 285 matching eBid Supplier Notifications, including 12 Historically Underutilized Business (HUB) suppliers
• Of the 285 supplier notifications, two (2) proposals were received on August 29, 2024.
• An evaluation committee comprised of staff from Human Resources reviewed and scored the proposals based on the following criteria:
o 30 Points - Cost
o 20 Points - Cost Containment/Innovative Solutions
o 20 Points - Population Health Management Programs
o 10 Points - Claims Processing
o 10 Points - Integrated Systems/Technology Initiative
o 5 Points - Past Performance
o 5 Points - Communications
• Based on the results of the evaluated proposals, the evaluation committee is recommending award and execution of contract with the top-ranked respondent, Cigna Health and Life Insurance to provide Stop Loss Insurance.
• The resulting negotiated contract, in the estimated amount of $3,257,632.00 for Specific Premium and $90,844.00 for Aggregate Premium per year and shall commence on date of award and continue for a period of one (1) year with an option for four (4) one-year renewals.
FINANCIAL SUMMARY:
• Funding is available in account 015-2110-413-8575.
BOARD OR COMMISSION RECOMMENDATION:
• N/A