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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 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: 6/1/2020 - 8/31/2020
Total Current Contract Amount Authority: $13,516,084.22
Original Approval (Board or Procurement): Board, 4/29/2015, $7,716,084.22
Increase Requested: $724,150.77
Previous Board Increase(s): (5/16/2018, $2,900,000.00), (4/25/2019, $2,900,000.00)
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): N/A
Previous Chief Procurement Officer Extension(s): N/A
Potential Fiscal Impact: FY 2020, $724,150.77
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 authorization for 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 Request for Proposals, contract number 1488-13904 was initially approved for a term of (3) three years with (2) two one-year options for renewal. The requested $724,150.77 increase and extension from 6/1/2020 - 8/31/2020 will allow the Department of Risk Management to continue to work with Minnesota Life Insurance and maintain continuity of service while transitioning contracted services to a new vendor. The Department of Risk Management and Office of the Chief Procurement Officer (“OCPO”) expects to present a new award recommendation to the Cook County Board of Commissioners by the meeting scheduled for October 22, 2020.
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