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Aetna is Fund’s new 3rd party administrator
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Posted on Apr 03 2006
The NMI Retirement Fund has chosen Aetna as its new third party administrator for the group health insurance program, replacing Hawaii Pacific Medical Referral.
HPMR, which has been the Fund’s third party administrator since August 2001, has received a 90-day termination notice, which takes effect in June.
Fund administrator Karl T. Reyes said the notice is pursuant to the existing contract with HPMR, which provides that either the GHI or the company may terminate the administrative services agreement, which expires on Dec. 31, 2006.
“Accordingly, I am notifying you of the termination of the agreement effective June 30, 2006,” said Reyes in a March 31 letter to HPMR vice president and chief operating officer Tom Cannon.
“Your administration…is appreciated; however, the NMI Retirement Fund board has chosen a different third party administrator. I anticipate your continued cooperation during this 90-day period and will keep you abreast of any necessary developments in the future,” said Reyes.
As the winning proposer, Aetna will get a three-year contract with the Fund to administer its group health insurance program.
The Fund has chosen Pharmacare to provide prescription drugs benefit management services. Pharmacare will also receive a three-year contract with the Fund.
The Fund put out separate requests for proposals for the two contracts.
It received proposals from HPMR, Calvo’s Insurance, Aetna, and PharmaCare.
The Fund decided to renew its contract with HPMR after its privatization plan failed last year.
HPMR’s initial three-year contract had expired in July 2004.
