Claims Reserve Services

The Vendor is required to provide claims reserve services for the employee benefits self-insurance fund.
- Sound financial management practices include establishing designated and undesignated fund balances sufficient to provide resources for events and service needs that were unanticipated during budget development; cover cash flow needs during a fiscal year; and provide a source of funds to sustain services during a temporary slowing in revenue and a source of bridge funding to allow transition to sustainable service levels.
- Minimum specifications:
•    A written report including an independent review of funding level needed for self-insured claims reserve including incurred but not reported (IBNR) and unpaid health, vision, dental, and prescription claims for:
o    Outstanding losses incurred through June 30, 2025.
•    Report must include an analysis of the city’s rate methodology and market alignment of the city’s health, vision, and dental self-insurance rates.