SFBC Minutes - October 7, 2009
Staff and Faculty Fringe Benefits Committee - Joint Meeting
On October 7, 2009 the Staff and Faculty Fringe Benefits Committees meet with Human Resources and Parker, Smith and Feek to review to the insurance bids from Great West/Cigna and Premera Blue Cross.
Sally from Parker, Smith and Feek lead the meeting. She provided a handout that carefully lays out the provided figures and dollar amounts related to the bids from both companies. The following were some decisions items that lead to the unanimous decision to elect Premera Blue Cross as our new insurance provider.
- We are going to experience change no matter which company we choose
- If switching to Premera, everyone will have to re-enroll; if staying with Great West/Cigna, they would just covert everyone over
- We would see a 13-14% increase if we stay with Great West/Cigna
- We would see a 4.5% increase if electing Premera (only a 1.5% for the plan, the other 3% increase will help in trying to build the reserve account back up)
Human Resources will start the necessary procedures. Cindy voiced that the implementation scheduled is tight so they need to start right away. It was agreed that several meetings/presentations will be offered to ensure that everyone is well informed of the forthcoming changes and how it will impact them.
More detailed information will follow.