Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government, to execute a Multi-Year Agreement with Chard, Synder & Associates, Inc., for the implementation and administration of a Section 125 Flexible Benefits Cafeteria Plan related to qualified and non-qualified employee benefit plans sponsored by the Urban County Government, at a first-year cost of $38,250. [Div. of Human Resources, Maxwell]
Summary
Authorization to execute a Third Party Administrative Service Agreement Section 125 Flexible Benefits Cafeteria Plan between the LFUCG and Chard, Synder & Associates to provide TPA (Third Party Administrator) expertise to plan sponsors for the alleviation of administrative requirements related to qualified and non-qualified employee benefit plans under current laws and regulations for the period beginning January 1, 2016 through December 31, 2020. The administrative fee is $3.75 per participating employee, per month, with approximately 850 participants. The cost is therefore approximately $38,250.00 per year. Funds were approved in the FY 16 budgeted. (L1110-15)(Maxwell/Hamilton)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Select Yes Completed by Andrea Brown, 8/26/15}
Risk Management: {Select No,}
Fully Budgeted [select]: Yes in overall budget thru 6/30/15
Account Number: 6002-160504-1944-71250
This Fiscal Year Impact: approximately $39,000
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: $185,547.62 in 6002-160504-XXXX-71250
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized to execute an Agreement with Chard, Synder & Associates, Inc., for the implementation and administration of a Section 125 Flexible Benefits Cafeteria Plan related to qualified and non-qualified employee benefit plans sponsored by the Urban County G...
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