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Aetna Awarded Medicare Advantage Contract by Teacher Retirement System of Texas

Texas Business reports: HARTFORD, Conn.—Aetna won the Medicare Advantage contract by the Teacher Retirement System of Texas (TRS), effective January 1, 2013.

The contract is the largest projected revenue sale in Aetna’s history.

Aetna currently administers the fund’s group retiree plan, TRS-Care, which covers more than 226,000 retired public school employees and their dependents.

As part of its ongoing relationship with TRS, Aetna will enroll eligible TRS-Care participants in an Aetna Medicare Advantage plan designed to provide enhanced benefits at a lower cost than their current benefits arrangement.

“We are excited to build on our more than 25 year relationship with the Teacher Retirement System of Texas and offer eligible TRS-Care plan members the opportunity to participate in an Aetna Medicare Advantage plan,” said Aetna executive Cain Hayes in a prepared statement.
“We have been working closely with TRS leadership to address the plan’s financial challenges and we believe this offering is the right solution for both the plan and its members.”

TRS delivers retirement and related benefits that have been authorized by the Texas Legislature, and manages a $110 billion trust fund established to finance member benefits. More than 1.3 million public education and higher education employees as well as retirees participate in the system.