DATE: October 22, 2019
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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COF Contract No. 2015-0106 - Amendment 1, with Sunlife Stop Loss Renewal.
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning Amendment 1 of the City’s SunLife stop loss renewal contract.
Background
The City’s current vendor for stop loss is SunLife. Stop loss is a provision of an insurance policy; it’s intended to cut off the City’s losses at a specified point.
Financial Impact
The employee pays the stop loss premium depending on either individual or family coverage. The premium is folded into their overall medical insurance premium.
Recommendation
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Staff recommends approval of Amendment 1 of the SunLife stop loss contract.