Exhibit H - City of Madison Renewal Letter Updated 4.16.24.pdf

GROUP BENEFITS RENEWAL PACKAGE

#DIV/0!

7/1/2024 Renewal Package

CITY OF MADISON

Exhibit H

Page(s)

BASIC LIFE 1

BASIC DEPENDENT LIFE 2

SUPPLEMENTAL LIFE 3

LONG TERM DISABILITY 4

SHORT TERM DISABILITY 5

GLOSSARY 6

RENEWAL BILLING ASSUMPTIONS 7-8

ENROLLMENT SERVICE TIER LANGUAGE 9

DISCLOSURE 10

TABLE OF CONTENTS

Coverage Renewal

Date

Current

Lives

Current

Annual

Premium/Fees

Renewal Annual

Premium/Fees

Rate

Adjustment

Life 7/1/2024 4,160 $893,480 $893,480 0.0%

Basic Dep Life 7/1/2024 1,375 $49,451 $49,451 0.0%

Supp Life 7/1/2024 2,857 $1,511,983 $1,511,983 0.0%

LTD 7/1/2024 2,748 $796,801 $438,241 -45.0%

STD 7/1/2024 2,748 $1,596,841 $1,596,841 0.0%

Thank you for trusting us to help protect one of your company’s greatest assets - your employees.

We have completed a review of your current coverage(s) with The Hartford and are pleased to provide the following renewal information for your consideration. This package provides important information about the performance of your employee benefits program.

CITY OF MADISON has been a customer of The Hartford since February 1, 1990. CITY OF

MADISON has the following programs inforce with The Hartford.

For more than 200 years, companies like yours have trusted us to help them protect and grow their businesses. We are committed to delivering an industry-leading Group Benefits experience – with solutions that meet your insurance challenges and employee benefits that help make your company an attractive and motivating place to work. We appreciate your business and look forward to being your group benefits carrier of choice for many years to come.

OVERVIEW

Account Name: CITY OF MADISON

Policy Number: 033731G

Valuation Date: 12/31/2023 by Accident Year

From 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023

Through 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023

Constant Premium $819,942 $827,224 $843,527 $849,692 $864,652 $883,248 $5,088,285

Total Incurred Claims $925,540 $721,315 $545,504 $364,272 $690,369 $626,072 $3,873,072

Incurred Loss Ratio 112.9% 87.2% 64.7% 42.9% 79.8% 70.9% 76.1%

Manual Rate

Experience Rate

Credibility

Blended Rate

Current Rate

Current Annual Premium

Current Per EE/Year Cost

% Change 0.0%

Rate Guarantee 2 Years

$893,480 Renewal Annual Premium $893,480

$214.78 Renewal Per EE/Year Cost $214.78

$0.201 Permissible Loss Ratio 80.5%

$0.213 Renewal Rate $0.213

$0.201 Premium Taxes 2.3%

100% Total Retention 14.5%

BASIC LIFE

EXPERIENCE

TOTAL

COST RATIO ANALYSIS AND RATING DEVELOPMENT

$0.720 Commissions 2.3%

Page 1 RA NA Renewal Letter.xlsm

Valuation Date: 12/31/2023 by Accident Year

From 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023

Through 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023

Constant Premium $53,218 $51,683 $50,878 $48,783 $48,307 $49,035 $301,903

Total Incurred Claims $100,000 $40,000 $70,000 $40,170 $13,290 $33,162 $296,622

Incurred Loss Ratio 187.9% 77.4% 137.6% 82.3% 27.5% 67.6% 98.3%

Manual Rate

Experience Rate

Credibility

Blended Rate

Current Rate

Current Annual Premium

Current Per EE/Year Cost

BASIC DEPENDENT LIFE

EXPERIENCE

TOTAL

COST RATIO ANALYSIS AND RATING DEVELOPMENT

$22,569.357 Commissions 2.3%

$3.657 Premium Taxes 2.3%

72% Total Retention 14.5%

$6,322.053 Permissible Loss Ratio 80.5%

$2.997 Renewal Rate $2.997

% Change 0.0%

Rate Guarantee 2 Years

$49,451 Renewal Annual Premium $49,451

$35.96 Renewal Per EE/Year Cost $35.96

Valuation Date: 12/31/2023 by Accident Year

From 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023

Through 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023

Constant Premium $1,376,510 $1,371,011 $1,468,439 $1,494,908 $1,509,843 $1,573,380 $8,794,090

Total Incurred Claims $1,017,000 $598,000 $202,000 $61,000 $423,775 $219,102 $2,520,877

Incurred Loss Ratio 73.9% 43.6% 13.8% 4.1% 28.1% 13.9% 28.7%

Manual Rate

Experience Rate

Credibility

Blended Rate

Composite Current Rate

Current Annual Premium

Current Per EE/Year Cost

% Change 0.0%

Rate Guarantee 2 Years

With this rate structure the employer may be electing to partially support employer paid coverages with the rate for the employee paid coverages. This means that premiums paid for one coverage may cover the cost of another coverage under the Plan. When we quote rates with such partial support between the employee paid and employer paid coverages we do so with the understanding that the employer and employee coverages are part of a single ERISA plan sponsored by the employer and that the employer has determined that the rate structure is consistent with information provided to employees and with its ERISA obligations. If this understanding is not accurate, please contact us.

$1,511,983 Renewal Annual Premium $1,511,983

$529.22 Renewal Per EE/Year Cost $529.22

$0.292 Permissible Loss Ratio 80.5%

$0.762 Composite Renewal Rate $0.762

$0.271 Premium Taxes 2.3%

78% Total Retention 14.5%

SUPPLEMENTAL LIFE

EXPERIENCE

TOTAL

COST RATIO ANALYSIS AND RATING DEVELOPMENT

$0.365 Commissions 2.3%

Valuation Date: 12/31/2023 by Incurral Year

From 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021

Through 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2022

Constant Premium $841,430 $868,356 $889,789 $783,028 $1,499,369 $4,881,972

Total Paid Claims $67,384 $0 $0 $0 $0 $67,384

Incurred Claims $359,287 $0 $0 $0 $2,874 $362,162

Time Value Adjustment ($50,545) $0 $0 $0 $0 ($50,545)

Net Incurred Claims $308,743 $0 $0 $0 $2,874 $311,617

Incurred Loss Ratio 36.7% 0.0% 0.0% 0.0% 0.2% 6.4%

Manual Rate

Experience Rate

Credibility

Blended Rate

Current Rate

Current Annual Premium

Current Per EE/Year Cost

% Change -45.0%

Rate Guarantee 2 Years

$796,801 Renewal Annual Premium $438,241

$289.96 Renewal Per EE/Year Cost $159.48

$0.198 Permissible Loss Ratio 77.4%

$0.369 Renewal Rate $0.203

$0.031 Premium Taxes 2.0%

52% Total Retention 22.6%

LONG TERM DISABILITY

EXPERIENCE

TOTAL

COST RATIO ANALYSIS AND RATING DEVELOPMENT

$0.378 Commissions 2.3%

01/01/2022 01/01/2023

12/31/2022 12/31/2023

$1,495,074 $1,559,159 $3,054,233

$1,337,913 $988,703 $2,326,616

89.5% 63.4% 76.2%

92 95 187

$0.493 $0.493

$1,596,841.28 $1,596,841.00

$596.28 $596.28

0.0%

2 YearsRate Guarantee

Permissible Loss Ratio 79.5%

Employer FICA Match? No

Current Rate Renewal Rate

Current Annual Premium Renewal Annual Premium

Current Per EE/Year Cost Renewal Per EE/Year Cost

% Change

Commissions 2.3%

Premium Taxes 1.8%

Total Retention 20.5%

COST RATIO ANALYSIS AND RATING DEVELOPMENT

SHORT TERM DISABILITY

EXPERIENCE

TOTAL

Constant Premium

Incurred Claims

Incurred Loss Ratio

Number of Claims

Constant Premium The premium that would have been paid had the current rate been in effect over the entire experience period.

Life Incurred Claims The incurred claims reflect Paid Claims, Premium Waiver

Reserves, Statutory Interest, and IBNR.

LTD Incurred Claims The incurred claims reflect the actual claims paid to date plus the claim reserve and IBNR.

LTD Net Incurred Claims The net incurred claims reflect the incurred claims plus the time value adjustment.

STD Incurred Claims The Incurred claims include paid claims plus IBNR.

IBNR

IBNR is the Incurred but not Reported Reserves established for claims incurred during the time period that have not been reported.

Manual Rate

The Manual Rate is calculated based on your employees' demographic profile, plan design, industry and volume of coverage.

Experience Rate The Experience Rate is calculated based upon Premium and

Incurred Claims experience.

Credibility

Credibility is the extent to which The Hartford believes prior results will predict future results. Credibility is calculated based on the number of lives covered and the number of years in the experience period.

Blended Rate The Blended Rate is a credibility weighted blend of the

Experience Rate and the Manual Rate.

Total Retention

The total retention allows us to recover expenses associated with administering your benefit program. These expenses contemplate claims activity, account structure complexity, commissions, premium tax, and regularly updated expense factors. These expense components may fluctuate from year to year.

Permissible Loss Ratio The Permissible Loss Ratio is the percent of Premium The

Hartford allocates to Incurred Claims.

GLOSSARY

Benefit Billing Basis Current

Rates

Renewal

Rates

Rate

Change

Current Annual

Premium

Renewal Annual

Premium

Premium

Change

DEP LIFE OPTION 1 Per Unit $1.750 $1.750 0.0% $7,581 $7,581 $0

DEP LIFE OPTION 2 Per Unit $3.500 $3.500 0.0% $37,170 $37,170 $0

DUTY DISB OPTION 1 Per $1,000 $12.110 $12.110 0.0% $475,862 $475,862 $0

DUTY DISB OPTION 2 Per $1,000 $13.940 $13.940 0.0% $642,834 $642,834 $0

LIFE 14 - 24 Per $1,000 $0.050 $0.050 0.0% $2,661 $2,661 $0

LIFE 25 - 29 Per $1,000 $0.060 $0.060 0.0% $15,225 $15,225 $0

LIFE 30 - 34 Per $1,000 $0.080 $0.080 0.0% $26,345 $26,345 $0

LIFE 35 - 39 Per $1,000 $0.090 $0.090 0.0% $46,802 $46,802 $0

LIFE 40 - 44 Per $1,000 $0.100 $0.100 0.0% $63,206 $63,206 $0

LIFE 45 - 49 Per $1,000 $0.150 $0.150 0.0% $108,527 $108,527 $0

LIFE 50 - 54 Per $1,000 $0.230 $0.230 0.0% $178,696 $178,696 $0

LIFE 55 - 59 Per $1,000 $0.430 $0.430 0.0% $192,029 $192,029 $0

LIFE 60 - 64 Per $1,000 $0.570 $0.570 0.0% $234,886 $234,886 $0

LIFE 65 - 99 Per $1,000 $0.570 $0.570 0.0% $26,936 $26,936 $0

LONG TERM DISABILITY ALL OTHER Per $100 $0.220 $0.131 -40.5% $421,728 $251,120 -$170,608

LONG TERM DISABILITY METRO Per $100 $1.550 $0.775 -50.0% $375,728 $187,864 -$187,864

RET DEP LIFE OPTION 1 Per Unit $1.750 $1.750 0.0% $714 $714 $0

RET DEP LIFE OPTION 2 Per Unit $3.500 $3.500 0.0% $3,990 $3,990 $0

SHORT TERM DISABILITY ALL OTHER Per $10 $0.290 $0.290 0.0% $833,872 $833,872 $0

SHORT TERM DISABILITY METRO Per $10 $2.100 $2.100 0.0% $763,577 $763,577 $0

SUPPLEMENTAL LIFE 14 - 24 Per $1,000 $0.050 $0.050 0.0% $635 $635 $0

SUPPLEMENTAL LIFE 25 - 29 Per $1,000 $0.060 $0.060 0.0% $5,592 $5,592 $0

SUPPLEMENTAL LIFE 30 - 34 Per $1,000 $0.080 $0.080 0.0% $11,000 $11,000 $0

SUPPLEMENTAL LIFE 35 - 39 Per $1,000 $0.090 $0.090 0.0% $22,415 $22,415 $0

RENEWAL BILLING ASSUMPTIONS

SUPPLEMENTAL LIFE 40 - 44 Per $1,000 $0.100 $0.100 0.0% $30,260 $30,260 $0

SUPPLEMENTAL LIFE 45 - 49 Per $1,000 $0.150 $0.150 0.0% $53,473 $53,473 $0

SUPPLEMENTAL LIFE 50 - 54 Per $1,000 $0.230 $0.230 0.0% $87,291 $87,291 $0

SUPPLEMENTAL LIFE 55 - 59 Per $1,000 $0.430 $0.430 0.0% $84,944 $84,944 $0

SUPPLEMENTAL LIFE 60 - 64 Per $1,000 $0.570 $0.570 0.0% $85,883 $85,883 $0

SUPPLEMENTAL LIFE 65 - 99 Per $1,000 $0.570 $0.570 0.0% $11,136 $11,136 $0

Total $4,850,999 $4,492,527 -$358,472

ENROLLMENT SERVICE TIER LANGUAGE

Applies to all Employee-Paid Coverages

The proposal includes the following Consultative Marketing Support Plan:

• An Enrollment Manager support throughout enrollment process.

• Annual Marketing Campaigns during rate guarantee period.

• A Decision Support Tool for employee education on voluntary coverage.

• Consultation to identify enrollment opportunities through the use of the Hartford’s Enrollment Optimizer.

• Three Digital Touches to employer from the Hartford. Employer sends to employee.

• Review enrollment results with recommendation for future enrollments.

Partnered communication and execution is needed to successfully educate your employees on their coverage selections. If the following conditions are not met during the enrollment process, The Hartford reserves the right to re-price at the next coverage anniversary date.

• Provide The Hartford a 6-8 week lead time prior to the first date of enrollment activity.

• Employer will ensure a minimum of 75% of employees complete an active enrollment decision (accept / reject) at a product-by-product level.

• Employer or enrollment platform will provide current eligibility file /census file that contains name, date of birth, gender and salary.

• Employer or enrollment platform will send a pre-enrollment message to employees describing supplemental life coverage plan and employee purchase option.

• Employer will exhibit enrollment information on the employer intranet and / or hard copy on company premises.

• Employer’s enrollment platform will utilize the Hartford-configured Evidence of Insurability Single Sign-On (SSO) capability or standalone online Evidence of Insurability solution.

• Employer or enrollment platform may provide employee-paid product education / decision support tool.

DISCLOSURE

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries, including underwriting companies Hartford Life and Accident Insurance Company and Hartford Fire Insurance

Company, under the brand name, The Hartford®, and is headquartered at One Hartford Plaza, Hartford, CT 06155. For additional details, please read The Hartford’s legal notice at www.thehartford.com. The Hartford is the administrator for certain group benefits business written by

Aetna Life Insurance Company and Talcott Resolution Life Insurance Company (formerly known as

Hartford Life Insurance Company). All benefits are subject to the terms and conditions of the policy.

Policies underwritten by the underwriting companies listed above detail exclusions, limitations, reduction of benefits and terms under which the policies may be continued in force or discontinued.

This renewal includes one or more products, which are issued on the following forms: Accident Form

Series includes GBD-2000, GBD-2300, or state equivalent. Accidental Death and Dismemberment

Form Series GBD-1000 and GBD-1300, or state equivalent. Critical Illness Form Series includes GBD-

2600, GBD-2700, or state equivalent. Disability Form Series includes GBD-1000, GBD-1200, or state equivalent. Life Form Series includes GBD-1000, GBD-1100, Z-PORT, or state equivalent. Hospital

Indemnity Form Series includes GBD-2800, GBD-2900, or state equivalent. Group Retiree Health Form

Series includes GBD-2400, GBD-2500, or state equivalent. In NY, Statutory Disability Form Series includes GBD-1850, or state equivalent and Statutory Family Leave Form Series includes GBD-1851, or state equivalent. For HI and NJ Temporary Disability Form Series includes GBD-1850, or state equivalent. Blanket Accident Form Series Includes BTA-1000, BTA-1300, BSR-1000, BSR-1200, or state equivalent.