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PROPOSED CONTRACT AMENDMENT
Department(s): Department of Risk Management
Vendor: Metropolitan Life Insurance Company, New York, New York
Request: Authorization for the Chief Procurement Officer to renew and increase contract
Good(s) or Service(s): Group Term Life Insurance Benefits for eligible Cook County employees .
Original Contract Period: 10/1/2020 - 9/30/2023, with two (2), one (1) year renewal options
Proposed Amendment Type: Renewal and Increase
Proposed Contract Period: 10/1/2023 - 9/30/2025
Total Current Contract Amount Authority: $8,248,000.00
Original Approval (Board or Procurement): Board, 7/30/2020, $8,248,000.00
Increase Requested: $5,777,000.00
Previous Board Increase(s): N/A
Previous Chief Procurement Officer Increase(s): N/A
Previous Board Renewals: N/A
Previous Chief Procurement Officer Renewals: N/A
Previous Board Extension(s): N/A
Previous Chief Procurement Officer Extension(s): N/A
Potential Fiscal Impact: FY 2024 $2,860,000.00 , FY 2025 $2,917,000.00
Accounts: 11250.1021.10155.501590
Contract Number(s): 1950-18002
Concurrences:
The vendor has met the Minority- and Women-owned Business Enterprise Ordinance via direct participation and a partial M/WBE waiver.
The Chief Procurement Officer concurs.
Summary: This increase and two (2) year renewal option will allow the Department of Risk Management to continue to receive employer-funded group-term life insurance benefits and the opportunity to purchase an age-banded supplemental product to eligible County employees.
This contract was awarded through a publicly advertised Request for Proposals (RFP) process in accordance with the Cook County Procurement Code. Metropolitan Life Insurance Company (Met Life) was selected based on established evaluation criteria.
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