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