Title
Resolution to Approve the Extended Policy with EyeMed Vision Care to Provide Vision Coverage to City Employees and their Eligible Dependents ($305,828.00)
Memorandum
The attached Resolution authorizes the City Administrator to execute the extended policy of vision coverage services with EyeMed Vision Care, the City's vision care service provider. The estimated cost of this employee benefit is $305,838 for a forty-eight (48) month policy period.
This plan is a fully insured program, and requires the City to pay a set monthly premium that is in place for the next four and a half years. The monthly premiums are $4.53 for single, $8.61 for two people, and $12.64 for a family from July 1, 2014 - December 31, 2014. Due to the fees imposed onto insurers under the Affordable Care Act (ACA), the premiums will be adjusted January 1, 2015. The monthly premiums will be $4.67 for Single, $8.87, for two people, and $13.02 for a family from January 1, 2015 - December 31, 2018.
EyeMed received Human Rights approval on June 2, 2014.
The above referenced cost projections are in accordance with the approved Fiscal Year 2014 - 2015 budget.
Staff
Prepared By: Kelly Beck, Employee Benefits Supervisor
Reviewed By: Robyn Wilkerson, Director of Human Resources and Labor Relations
Approved By: Steven D. Powers, City Administrator
Body
Whereas, The City provides vision care coverage to City employees and their eligible dependents in accordance with the employee benefits program and various labor contracts at an estimated annual cost of approximately $76,459.44;
Whereas, The Human Resources Services recommends extension of the policy for the term July 1, 2014 through December 31, 2018 at the quoted monthly premiums for the term;
Whereas, Funds have been appropriated in the Fiscal Year 2014 - 2015 budget to cover projected costs associated with the provision of vision care coverage;
Whereas, Funds will be budgeted in subsequent fiscal...
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