Focus Area: Exceptional Services
Staff Contact: Erin Vader/Leslie Fortney/Shari Pine
Subject: Acceptance of a one (1) year contract extension with Lockton Companies LLC for benefits management consulting.
________________________________________________________________________________
title:
title
Acceptance of a one (1) year contract extension with Lockton Companies LLC for benefits management consulting.
Body
________________________________________________________________________________
Summary:
In 2019, an RFP was issued, and Council approved a contract award to Lockton Companies LLC for benefits management consulting. Lockton assists the City with the management of the City’s self-funded and fully insured benefits plan. These services include assisting with plan designs, funding criteria, data analytics and the bidding of fully insured programs. This contract was later extended by one year for the 2025 benefit program year.
In 2026, City staff will be navigating a heavier than normal volume of insurance marketing and renewals with plan vendors, making it necessary to provide an additional one-year extension of the contract with Lockton. This extension will ensure a more seamless RFP process and year with a broker knowledgeable of the recent budget, financial and other factors involved with the City’s benefits plan. The fees are staying the same for the new contract term.
________________________________________________________________________________
Financial Impact:
$135,000 to be paid from the Risk Management Fund.
________________________________________________________________________________
Action Needed:
Approval of a one (1) year contract extension with Lockton Companies LLC.
________________________________________________________________________________
Attachment(s):
A. Contract Amendment