From
Lisa Norris, Human Resources Director
Title
Agreement with Discovery Benefits, LLC for Health Savings Account Administration. effective January 1, 2020 with an estimated $4,950.00 annually in City paid fees; approximately $24,750 over five years; this agreement will be for an initial term of one year with annual renewal options, with guaranteed renewal rates through January 2025; authorize the City Manager to execute up to four annual renewal options with aggregate price fluctuations of the lesser of up to $50,000 or 25% of the original contract value so long as sufficient funding is appropriated by the City Council to satisfy the City's obligation during the renewal terms (additional renewal options beyond the four specified may be authorized but will require future City Council approval)
Presenter
Lisa Norris, Human Resources Director
Recommended Action
Approve
Analysis
City Staff solicited proposals in May 2019 for services beginning January 1, 2020. RFP# 19053 was advertised in the Star-Telegram, Bidsync.com, and distributed to 202 vendors. No Grand Prairie vendors were available for these services. The City received 8 proposals for Health Savings Account administration services as shown in Attachment A.
The City evaluated the proposals received taking into consideration account management, administration services, fees, multi-year guarantees, renewability options, locality, and references.
Discovery Benefits, LLC meets specifications and is recommended for award.
This information has been reviewed & approved before the Finance and Government Committee for their consideration prior to Council consideration on August 6, 2019.
Financial Consideration
Funds are available in FY 2019/2020 Proposed Employee Insurance Fund (213010-64040) for Admin Fees will be charged accordingly through the end of 2020's fiscal year. Funding for future fiscal years will be paid from that year’s approved budgets.