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AGENDA ITEM <br />Prepared By: RJO Reviewed By: A. Carlson Approved By: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose: To approve a resolution designating Medsurety LLC and Matrix Trust as the City’s HRA <br />Trustee. <br /> <br />2. Background: The City has offered employees’ access to a Health Reimbursement Arrangement <br />(HRA) and participation in Flexible Spending Accounts for both Health Care and Dependent Care <br />Reimbursement for many years. We were notified that Further, our current trustee, would no longer be <br />offering these services after September 30th of this year. Gallagher, the City’s health insurance broker, <br />performed an RFP to replace these services earlier this year. Based on the responses, staff met with WEX <br />and Medsurety to review the options. The Medsurety proposal was the least expensive and was staff’s <br />choice during the interviews. <br /> <br />Most companies offering the trustee service are national companies with Medsurety, located in Wayzata, <br />being the only local company that responded. Staff contacted the Orono School District, one of <br />Medsurety’s references, and received a glowing review from the district. Medsurety also offers Health <br />Savings Account (HSA) administration and COBRA services. Staff is looking into contracting with <br />Medsurety in the future which would ease administration of the four benefits and give employees a single <br />login for these benefits. These changes have been reviewed with the HR Committee. The change to the <br />HRA, FSA, and Dependent Care will be effective on September 1st, 2022, with the COBRA and HSA <br />being made during open enrollment and taking effect January 1st, 2023. <br /> <br />3. Staff Recommendation: Staff recommends approval the attached resolution to designate Medsurety <br />LLC and Matrix Trust as the City’s HRA Trustee and to approve moving forward with the other <br />identified changes. <br /> <br />COUNCIL ACTION REQUESTED <br />4. Motion to approve Resolution No. 7276 to designate Medsurety LLC and Matrix Trust as the City’s <br />HRA Trustee and to approve moving forward with the other identified changes. <br /> <br />Exhibits <br />A. Market Analysis <br />B. Resolution <br /> <br />Item No.: 11 Date: July 11, 2022 <br />Item Description: Designate Medsurety LLC and Matrix Trust as HRA Trustee – <br />Resolution No. 7276 <br />Presenter: Ron Olson, <br />Finance Director <br />Agenda <br />Section: <br />Consent Agenda