Title
Transfer to Restricted Surplus - Benefit Premium Stabilization.
Proposed Motion
Council transfer $54,962.14 to Restricted Surplus - Benefit Premium Stabilization.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
Parkland County's Administrative Services Only plan for Dental and Extended Health Care coverage incurred a surplus. As Parkland County's plan is a self-insured plan surpluses are discharged to the County at our discretion and any shortfall (deficits) are payable at year end.
Summary
Parkland County has been on a Administrative Services Only plan since January 1, 1997 for Dental and Extended Health Care coverage. Attachment 1 summarizes the County's experience under the self-insured plan where there was a surplus of $54,962.14 for the fiscal year-end 2011. As per Parkland County's Restricted Surplus Authorization Form all surpluses resulting from the plan are to be transferred to the Benefit Premium Stabilization Restricted Surplus account.
Strategic Plan/Policy/Legal/Staff Implications
Restricted Surplus Policy FI-005
Financial Impact
Cost: $54,962.14
Source of Funding: Blue Cross refund