Honoring the 2 Percent Pledge, Blue Shield has issued $321,833 in refunds to the City, its retirees and its current employees. Blue Shield’s 2 Percent Pledge promises that the Company will limit its net income from revenues to just 2 percent.
This year’s total, which was less than the previous two years’ average of approximately $1,556,000, was divided between the City and Retirement Funds, where the money went to offset costs for benefits administration in 2013; and the City’s employees and retirees. Most of the money had already been credited to the enrollees at the time of a City Manager memorandum.
Employees shared their portion of the refund, just under $40,000, and retirees split $20,397.