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File #: 20-2692    Version: 1 Name: Metropolitan Life Insurance Company, New York, New York
Type: Contract Status: Approved
File created: 6/4/2020 In control: Board of Commissioners
On agenda: 7/30/2020 Final action: 7/30/2020
Title: PROPOSED CONTRACT Department(s): Department of Risk Management Vendor: Metropolitan Life Insurance Company, New York, New York Request: Authorization for the Chief Procurement Officer to enter into and execute Good(s) or Service(s): Group Term Life Insurance Benefits for eligible Cook County employees. Contract Value: $8,248,000.00 Contract period: 10/1/2020 - 9/30/2023, with two (2), one (1) year renewal options Potential Fiscal Year Budget Impact: FY 2020 $2,695,000,00; FY 2021 $2,749,000.00; FY 2022 $2,804,000.00 Accounts: 11250.1021.501590 Contract Number(s): 1950-18002 Concurrences: The vendor has met the Minority- and Women-owned Business Enterprise Ordinance via direct participation and partial MWBE waiver. The Chief Procurement Officer concurs. Summary: The Department of Risk Management requests authorization for the Chief Procurement Officer to execute a contract with Metropolitan Life Insurance Company (Met Life). Following a publicly advertised Reque...
Indexes: DEANNA ZALAS, Director, Department of Risk Management

title

PROPOSED CONTRACT

 

Department(s):  Department of Risk Management

 

Vendor:  Metropolitan Life Insurance Company, New York, New York

 

Request: Authorization for the Chief Procurement Officer to enter into and execute

 

Good(s) or Service(s):  Group Term Life Insurance Benefits for eligible Cook County employees.

 

Contract Value:  $8,248,000.00

 

Contract period:  10/1/2020 - 9/30/2023, with two (2), one (1) year renewal options

 

Potential Fiscal Year Budget Impact:  FY 2020 $2,695,000,00; FY 2021 $2,749,000.00; FY 2022 $2,804,000.00

 

Accounts: 11250.1021.501590

 

Contract Number(s):  1950-18002 

 

Concurrences:                     

The vendor has met the Minority- and Women-owned Business Enterprise Ordinance via direct participation and partial MWBE waiver.

 

The Chief Procurement Officer concurs.

 

Summary:  The Department of Risk Management requests authorization for the Chief Procurement Officer to execute a contract with Metropolitan Life Insurance Company (Met Life).  Following a publicly advertised Request for Proposals, Met Life was selected based on an established, evaluation criteria to provide basic group term life insurance coverage at no cost to the employee. Eligible County employees will also have an opportunity to purchase an age-banded supplemental life insurance product. 

 

The Director of Risk Management or her designee is authorized to execute the Statement of Responsibility, Group Application, and Life Recordkeeping Agreement to support the basic and supplemental life insurance plans in accordance with the contract.

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