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PROPOSED CONTRACT AMENDMENT
Department(s): Department of Risk Management
Vendor: Minnesota Life Insurance Company, St. Paul, Minnesota
Request: Authorization for the Chief Procurement Officer to extend and increase the contract
Good(s) or Service(s): Group Term Life Insurance Benefits for eligible Cook County employees.
Original Contract Period: 6/1/2015 - 5/31/2018, with two (2), one (1) year renewal options
Proposed Amendment Type: Extension and Increase
Proposed Contract Period: 9/1/2020 - 11/30/2020
Total Current Contract Amount Authority: $14,240,234.99
Original Approval (Board or Procurement): Board, 4/29/2015, $7,716,084.22
Increase Requested: $802,136.24
Previous Board Increase(s): (5/16/2018, $2,900,000.00), (4/25/2019, $2,900,000.00), (5/21/2020, $724,150.77)
Previous Chief Procurement Officer Increase(s): N/A
Previous Board Renewals: (5/16/2018, 6/1/2018-5/31/2019), (4/25/2019, 6/1/2019 - 5/31/2020)
Previous Chief Procurement Officer Renewals: N/A
Previous Board Extension(s): 5/21/2020, 6/1/2020 - 8/31/2020
Previous Chief Procurement Officer Extension(s): N/A
Potential Fiscal Impact: FY 2020 $802,136.24
Accounts: 11250.1021.501590
Contract Number(s): 1488-13904
Concurrences:
The vendor has met the Minority- and Women-owned Business Enterprise Ordinance via full MWBE waiver.
The Chief Procurement Officer concurs.
Summary: The Department of Risk Management of the Bureau of Finance respectfully submits this item requesting the Chief Procurement Officer to extend and increase contract number 1488-13904. The vendor Minnesota Life Insurance, A Securian Company, offers group-term life insurance benefits and the opportunity to purchase an age-banded supplemental product to eligible County employees.
Following a publicly advertised Request for Proposals (RFP), contract number 1488-13904 was initially approved for a term of (3) three years with (2) two one-year options for renewal. An initial request for a $724,15...
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