Title
Resolution - Approval for 2025 Medical Insurance Benefits - N Fulmer
Other Info
Submitted By: Ericca Klein on behalf of Human Resources
Department: Human Resources
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session.
Discussion
Pursuant to the Employee Compensation Policy, PEC provides health insurance, life insurance, disability insurance, and other optional coverages for employees. Health benefits are a critical piece of PEC's overall employee compensation package. In providing benefits, PEC balances cost effective plans with maintaining a competitive level of benefits for all employees. Medical and Dental Plans are competitively procured periodically where they are evaluated for effectiveness and need. PEC medical plans are based on a calendar year, January 1 - December 31. PEC has an opportunity to renew the fully insured Dental insurance benefits through 2025 and transition the Medical insurance from a fully insured plan to a self-funded plan with appropriate stop-loss coverage. The Board may now consider approving the transition of the Medical insurance to a self-funded plan for future years with status reports provided to Board annually covering both the Medical and Dental Plans.
Body
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Board approve the transition of the Medical insurance to a self-funded plan for future years based upon the plan design and projections presented to the Board during Executive Session; and
BE IT FURTHER RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Chief Executive Officer, or designee, is authorized to take all such actions as needed to implement this resolution.