Title
From the Director of Benefits, Department of Human Resources, requesting authorization to execute a contract extension with Willis of Wisconsin to purchase consulting and actuarial services for non-pension benefit plans effective March 1, 2021 through February 28, 2024.
Body
Issue/Background
Milwaukee County contracts with Willis of Wisconsin for consulting and actuarial services for our non-pension benefit plans. Some of the items within the scope of services include biennial calculation of the County's OPEB liability, forecasting of health care expenses, assistance with sourcing benefit plan vendors, and plan design modeling to assess the impact of budget options.
Willis has been a critical partner in the success of Milwaukee County's employee benefit plan administration, both in vendor negotiations and budget planning.
Willis has consistently demonstrated strong knowledge of the local health care provider and insurance market, as well as the Wisconsin regulatory environment. Willis also bring us market power being the largest Broker with the highest book of business in the world. Their recent acquisition of Towers Watson adds to the leverage and depth of consulting knowledge.
Terms
Milwaukee County will continue to utilize the account team, including actuarial support, from the local office located in Brookfield. All contract terms remain the same, with the following exceptions:
? References to "Willis" or "Willis of Wisconsin" will be replaced with Willis Towers Watson to reflect the post-acquisition company name.
? Fees $173,000 per year will remain the same. Note: There has not been a fee increase since the original contract in 2016.
? Deletes reference to annual renegotiation of fees. This locks in the $173,000 per year proposed annual rate for the entire contract term.
Requested Board Action
Authorization for the Director of Benefits & HR Metrics, Department of Human Resources to execute an extension of the Willis of Wisconsin co...
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