Title
Dept/ Agency: Administration/Division of Personnel
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Contract for Insurance
Purpose: Enter into a contract for carrier provided Medicare Plan for all eligible retirees and their eligible dependents
Entity Name: Aetna Life Insurance Company
Entity Address: 1425 Union Meeting Road, P.O. Box 1445, Blue Bell, PA 19422
Contract Amount: Estimated premium $4,144,305.60
Funding Source: 2012 Budget
Contract Period: January 1, 2012 through December 31, 2012
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( X ) EUS/Insurance
( ) Fair & Open ( x ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient () n/a
Additional Information:
Prior Resolution 7R-m110410
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WHEREAS, the City of Newark, New Jersey (“the City”) is obligated to provide its eligible retirees and their eligible dependents represented, by the various bargaining units, and eligible unclassified personnel, who are eligible to receive retiree entitlement, with a carrier provided Medicare Plan; and
WHEREAS, through the adoption of appropriate resolution , 7R1-m110410, the City entered into a contract with Aetna Life Insurance Company (“Aetna”), for the purpose of providing a carrier covered Medicare Plan for eligible retirees and their eligible dependents; and
WHEREAS, the City is satisfied with the services it has received and desires to enter into a new contract with Aetna for the Medicare Plan effective January 1, 2012 through December 31, 2012; and
WHEREAS, Aetna has submitted a proposal indicating they will provide a Medicare Plan at a monthly rate of $197.80 per participant, for an estimated annual cost of $4,144,305.60 (the actual cost is contingent upon actual enrollment) for the period of January 1, 2012 to December 31, 2012; and
WHEREAS, the City’s consultants Brown and Brown have reviewed the proposal and rec...
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