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The Finance Committee voted 6-0 to recommend that the City Council begin the process of discussing participation in the GIC health insurance program. The process would require demonstrating at least 5% savings, but the vote would not automatically enroll Malden in the program.
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The recommendation moves the proposal to the full City Council for consideration, with a vote sought before September because of the timeline for fiscal year 2027. If discussions proceed, employee and retiree representatives would negotiate with the city, and up to 25% of first-year savings would be returned to employees in a form to be negotiated. GIC participation could provide more plan choices but would shift control over rates, benefits, and insurance carriers from the city to the GIC Commission.
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