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HomeMy WebLinkAboutMO #2655MUNICIPAL ORDER NO. 2655 A MUNICIPAL ORDER ACCEPTING THE RATES FOR STOP LOSS INSURANCE COVERAGE, AUTHORIZING AN AGREEMENT WITH VOYA FINANCIAL ADVISORS, INC., FOR THE CITY OF PADUCAH, KENTUCKY FOR THE 2023 CALENDAR YEAR AND AUTHORIZING THE MAYOR TO EXECUTE ALL DOCUMENTS RELATING TO SAME BE IT ORDERED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the City of Paducah accepts the rates offered through Voya Financial Advisors, Inc., for Stop Loss Insurance Coverage for the group health insurance plan for the City of Paducah, Kentucky. Effective January 1, 2023. The stop loss rates are as follows: 1) Individual Stop Loss - $175,000 maximum City liability per person with a monthly rate of $87.60 per member; and 2) Aggregate Stop Loss - $2,652,196 maximum City liability of total claims combined with a monthly rate of $6.87 per member. Voya assumes liability for all claims in excess of the aggregate total up to $1,000,000. SECTION 2. The Mayor is hereby authorized to execute all documents relating to stop loss insurance coverage as authorized in Sections 1 above. SECTION 4. This Order shall be in full fo e and effect from and after the date of its adoption. D. Ge9fge Bray, Mayor ATTEST: mdsay Parish, 'ity Clerk Adopted by the Board of Commissioners, October 11, 2022 Recorded by Lindsay Parish, City Clerk, October 11, 2022 \mo.\health ins -stop loss coverage — Voya- 2023