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City of Paris Council l-lcncl'~ts %ubcomm~llcc <br /> May 4, 2004 <br /> Page 6 <br /> <br />be a major effect on what they are going to be paying on down thc road. <br />Councilman Bell said it was a major effect, what they had proposed here the <br />other night, this Council did not have it explained and this Council voted on an <br />insurance plan that they did not have this explained to them. He said this is one <br />of the things that need to be looked at on actual cost of insurance. Councilman <br />Bell said they were going to have increasing costs like this, and the retired <br />people have had higher claim ratios with the figures that have been given to him <br />than they do in the active employees. <br /> <br />Alter discussion with those in the audience regarding when the retirees were <br />allowed to stay on the city's insurance after retirement until they reach the age <br />of 65, the city staff was directed to research the city's records and bring that <br />infbrmation back to the City Council at the May 10, 2004 meeting. <br /> <br />On a comment from an employee in the audience, Mr. Anderson explained the <br />cun'ent three tiered drug plan under the current insurance. He said that when <br />you walk into a pharmacy the co-pay for generic is $10.00, a name brand on the <br />performance prescription co-pay is $25.00 and the name brand that is not on the <br />preferred list is $40.00. Mr. Anderson advised that if the prescription is done <br />by mail order the generic co-pay is $20.00, the performance brand is $50.00 and <br />the brand name that is not on the preferred list is $80.00. <br /> <br /> Councilman Bell asked that city staff look at a list of retirees that will be retiring <br /> in five years out and ten years out and see how many people the city might be <br /> carrying under that program and they could factor what they think insurance <br /> cost is going to be going up. <br /> <br /> Councilman Bell made a motion to do an actuarial study for ten years out and <br /> place that on a subsequent meeting for discussion of retirees insurance at the <br /> city's cost at retirement. <br /> <br /> Mr. Anderson said that no one at the City of Paris is qualified to conduct an <br /> actuarial study. He could project how many people that would become eligible <br /> <br /> <br />