The Town of Banff will spend $20,000 for a third party review of its employee benefit plan.
Officials say the Town is currently with Manulife and the rates for employee benefits, which include health, dental and long-term disability plan, need to be taken to market because they expire in November.
As part of due diligence with contracts likes this, officials say the Town should take the service contract out for tender periodically. Prior to selecting a benefits broker, administration wants the employee benefits package evaluated as part of its due diligence.
Kelly Gibson, the Town of Banff’s corporate services manager, said each benefit provider may only provide a quote to one broker, therefore the Town would like to select a single broker and allow them to take the benefits to the entire market.
“We want to review our benefits plan before it goes out to market,” said Gibson, noting a full review would give administration some clarity on what the package should look like.
“We have seen an increase to our benefits plan, above the increase of inflation.”
Mayor Karen Sorensen declared a pecuniary conflict of interest in the matter because her husband Carsten Sorensen is a broker for Manulife.
The $20,000 for the third party evaluation of benefits is coming from the WCB refund operating reserve, which currently has a balance of $163,100.
