Last week, the California Public Employees’ Retirement System and CVS Caremark signed a contract that will provide benefits on prescription drugs to 3646,000 CalPERS members. The 3 year contract will cost CalPERS $575 million a year.
After the federal government, CalPERS is the nation’s largest buyer of heathcare benefits. Before deciding to write a contract with CVS Caremark, CalPERs was in negotiations with Medco Health Solutions Inc.
From 2003 to 2005, the two entities had a similar contract. The new contract will go into effect on January 1st.
If you or someone you know has questions about drafting or reviewing a contract, contact the Orange County contract drafting and review lawyers of Daily Aljian at 949-861-2524 to discuss your situation.