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NMI Fund picks 2 proposers but…
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Posted on Mar 14 2006
The NMI Retirement Fund has picked two separate proposers—as a third party administrator and as a prescription drugs manager—but declined to reveal their names citing the need for further evaluation.
Retirement Fund administrator Karl T. Reyes said yesterday that a committee tasked to review the proposals of the companies has selected one, “but more questions were developed that have yet to be answered.”
“Although the committee has chosen, we can’t disclose it yet because it may change. If the committee is not satisfied with the answers, it would have to choose another,” said Reyes.
The committee is chaired by Fund board member Steven King.
The Fund received proposals for third party administration from Hawaii Pacific Medical Referral, Calvo’s Insurance, Aetna, and PharmaCare.
HPMR is currently the third party administrator of the Fund for its group health insurance program. It has been serving the Fund since August 2001. Its initial contract had expired in July 2004 amid plans of the government to privatize the program.
When the Fund finally determined last year that it could not afford privatization, it decided to retain HPMR for another year or until a new contractor is selected.
As evidenced by its submission of proposal, HPMR remains interested to continue the project.
At the same time, the Fund has chosen one of the three companies that submitted proposals for prescription drugs benefit management services. But just the same, its identity cannot be revealed as yet.
Except for HMPR, all the three companies—Aetna, Calvo’s, and Pharmacare—sent in their proposals for the prescription drugs program.
Currently, HPMR’s contract includes the prescription drug benefit management services, which it subcontracts to Rx America.
HPMR took out the drugs services aspect from its new proposal, the Fund said.
The NMI Fund will sign two three-year contracts for both programs.
