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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 renew and increase 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 Contract Period Extension: 6/1/2019 - 5/31/2020
Total Current Contract Amount Authority: $10,616,084.22
Original Approval (Board or Procurement): 4/29/2015, $7,716,084.22
Previous Board Increase(s) or Extension(s): 5/16/2018, 6/1/2018-5/31/2019, $2,900,000.00
Previous Chief Procurement Officer Increase(s) or Extension(s): N/A
This Increase Requested: $2,900,000.00
Potential Fiscal Impact: FY 2020 $2,900,000.00
Accounts: 11250.1021.501590 Group Life Insurance
Contract Number(s): 1488-13904
Concurrences:
The vendor has met the Minority- and Women-owned Business Enterprise Ordinance via direct participation and a partial MBE/WBE waiver with indirect participation.
The Chief Procurement Officer concurs.
Summary: This increase and second of two (2) one (1) year renewal options will allow The Department of Risk Management to continue to offer basic group term life insurance coverage to County employees. Employees are also offered an opportunity to purchase an age-banded supplemental product through this contract.
This contract was awarded through a Request for Proposal (RFP) process in accordance with the Cook County Procurement Code. Minnesota Life Insurance Company was selected based on established evaluation criteria.
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