The Union County Board of County Commissioners announced that it has entered into a Shared Services Agreement with Union College of Union County for Health and Prescription Benefits Administration.
The resolution was presented at the most recent Agenda Setting Meeting of the Board of County Commissioners on October 20th.
“The establishment of this shared services agreement is mutually beneficial and the Commissioner Board is proud to work collaboratively with Union College of Union County,” said Commissioner Chair Rebecca L. Williams.
The County of Union partnered in a Shared Services Agreement, offering Union College the opportunity to participate in the County’s benefits plan as a subgroup, with the College paying the County a fully-insured premium equivalent on the first of each month.
“The ongoing partnership between the County and Union College has existed on multiple levels over the years, benefitting all County residents in different ways,” said County Manager Ed Oatman. “Participation with the County’s Health and Prescription Benefits plan is projected to save Union College approximately $500,000 in 2023.”
The Shared Services Agreement will represent an 8% savings for Union College through 2023 and encourage a reduction in expenses. The agreement will commence on January 1, 2023 and will run for 24 month with an option to renew for another 24 months.
“We appreciate the County partnering with us to provide health insurance to our College employees at a time when those costs are continuing to climb. By entering into this shared services agreement, we are able to save costs while maintaining a comparable level of service,” said Union College of Union County, NJ President Dr. Margaret M. McMenamin