Title
RESOLUTION AUTHORIZING A THREE-YEAR EXTENSION AND AMENDMENT OF AN AGREEMENT WITH SFM RISK SOLUTIONS, INC., FOR PROFESSIONAL SERVICES IN THE THIRD PARTY ADMINISTRATION OF WORKERS' COMPENSATION FOR A TOTAL AMOUNT OF $177,418.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to extend and amend an agreement substantially in the form attached as Exhibit A with SFM Risk Solutions, Inc. (SFM), for professional services in the third party administration of workers' compensation insurance for the human resources division in accordance with the consultant's quote as follows:
Year One $57,400; Year Two $59,122; Year Three $60,896; for a total contract amount of $177,418, payable from 605-036-1650-5319 (self insurance fund, insurance accounts, insurance administration, other professional services).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes a three-year extension and amendment of an agreement with SFM, substantially in the form attached as Exhibit A, for an amount of $177,418 to professionally administer the city's self-funded workers' compensation program.
The city entered into an original one-year agreement with SFM in 2014. The city was satisfied with SFM's performance and entered into a three-year contract upon the expiration of the original agreement. The city has established a successful working relationship with SFM and continues to be satisfied with its administration and performance.