SUBSTITUTE
Public Hearing: YES ☐ NO ☒ Department: Finance - Risk Management
SUBJECT:
Title
Commission District(s): All Commission Districts
This request seeks to amend Agenda Item 2023-1244, approved on October 24, 2023, to rescind the award made to WEX Inc. to provide flexible spending and health savings account management services and award to the County’s incumbent, HealthEquity, Inc
Body
Information Contact: Larry Jacobs, Deputy Director of Finance/Risk Management
Phone Number: 404-371-2050
PURPOSE:
To amend Agenda Item 2023-1244, approved on October 24, 2023, to rescind the award made to WEX Inc. to provide flexible spending and health savings account management services and award to the County’s incumbent, HealthEquity, Inc.
NEED/IMPACT:
Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) provide an integral part of the employee and early retiree benefit program. Over 45% of all employees and early retirees participate in the FSA and HSA programs. An RFP was conducted to identify the lowest cost and best qualified account administrator. WEX Inc. was selected; however, was unable to meet the requirements as outlined in the County’s standard agreement.
FISCAL IMPACT:
Estimated $37,000.00 per year
RECOMMENDATION:
Recommended Action
To amend Agenda Item 2023-1244, approved on October 24, 2023, to rescind the award made to WEX Inc. to provide flexible spending and health savings account management services and award to the County’s incumbent, HealthEquity, Inc. for a one year contract with four renewals for a total of five years.