Health plans participating in the State of Wisconsin Group Health Insurance Program will have a 0% premium increase next year, as approved by the Group Insurance Board (Board) today. Local government employees and retirees who participate in the program will have an overall 3.3% premium increase.
At its regularly scheduled meeting on May 24, the Group Insurance Board (Board) approved issuing a notice of intent to award a contract to Navitus Health Solutions (Navitus) as the pharmacy benefits manager for the State of Wisconsin Group Health Insurance Program, starting January 1, 2018. Navitus is the current PBM under a contract that expires in December.
Today the Group Insurance Board (Board) and the state Division of Personnel Management submitted signed contracts for self-insuring the state’s group health insurance program to the Joint Committee on Finance (JCF) for approval. The contracts are for self-insured administrative services beginning in 2018. (See letter to JCF.)
Stay informed about your Wisconsin Retirement System benefits and how they work for you! Whether you are a new hire, mid-career or nearing retirement, ETF has a live, interactive webinar applicable to your circumstances. ETF's webinars are conducted by a benefits specialist and focus on a single topic of interest. Webinars over the next several months will cover these important topics:
In February the Group Insurance Board approved moving to a self-insured/regionalized program structure for the group health insurance program, starting in 2018. The decision to change from the current fully-insured program structure capped off an intense year of discussion, review, and analysis of options and bids from third party administrators competing to provide administrative services for the program on behalf of our approximately 250,000 participants.
This is the time of year when I get questions about incentive compensation payments. SWIB's Board of Trustees recently approved staff incentive compensation awards in recognition of investment performance that added $42 billion to the WRS Trust Funds over the past 10 years. I want to take this opportunity to talk with you about those payments and why they are important.
Have you reviewed your Wisconsin Retirement System annual Statement of Benefits? The statement is a summary of your year-end retirement account information that will eventually be used in benefit calculations. Keep your statement with your important paperwork — you receive this document only once a year and it contains a lot of great information about your benefits!