HomeMy WebLinkAboutMO #2804MUNICIPAL ORDER NO. 2804
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 2024 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, 2024. The stop loss rates are as follows:
1) Individual Stop Loss - $175,000 maximum City liability per person with a
monthly rate of $106.31 per member; and
2) Aggregate Stop Loss - $3,423.955 maximum City liability of total claims
combined with a monthly rate of $5.94 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 3. The producer/agent of record where monthly premium payments
will be made is Stealth Partner Group.
SECTION 4. This Order shall be in full
of its adoption.
ATTEST:
mdsay Parish, ity Clerk
Adopted by the Board of Commissioners, October 10, 2023
Recorded by Lindsay Parish, City Clerk, October 10, 2023
\mo.\health ins -stop loss coverage — Voya- 2024
and effect from and after the date
, Mayor