Title
Group Term Life, AD&D, and Optional Life Insurance Plans Contract - RFP PS-26-0032 - Request for Award (Ordinance S-52685) - Citywide
Description
Request to authorize the City Manager, or the City Manager's designee, to enter into a contract with Minnesota Life Insurance Company to provide Employee Group Life, Accidental Death and Dismemberment (AD&D), and Optional Life Insurance benefits for the Human Resources Department. Further request to authorize the City Controller to disburse all funds related to this item. The total value of the contract will not exceed $11,900,000.
Report
Summary
This contract will provide Employee Group Basic Life, AD&D, Optional Life and AD&D, Commuter AD&D, Line of Duty Exposure and Occupational AD&D plans. Employee benefit premiums, with the exception of the optional plans, are paid for by the City. Optional Life and AD&D premiums are paid by participants.
The City is a public employer that provides a comprehensive benefits package to a combined total of 32,000 eligible full- and part-time employees and eligible dependents. The City offers a fully funded Group Insurance program to employees and their dependents to provide financial protection through the variety of life and AD&D insurance plans. The City's intent is to ensure financial security should a catastrophic event occur.
This item has been reviewed and approved by the Information Technology Services Department.
Procurement Information
A Request for Proposal procurement was processed in accordance with City of Phoenix Administrative Regulation 3.10.
Two vendors submitted proposals deemed responsive and responsible. An evaluation committee comprised of City staff evaluated those offers based on the following criteria with a maximum possible point total of 1,000:
Method of Approach (0-425 points)
Qualifications and Experience (0-250 points)
Pricing (0-325 points)
After reaching consensus, the evaluation committee recommends award to the following vendor:
Minnesota Life Insurance Company 847 points
Contract Term
The contract will begin on or about January 1, 2027, for a five-year term with two one-year options to extend.
Financial Impact
The aggregate contract value will not exceed $11,900,000.
Funding is available in the Life Insurance Trust managed by the Human Resources Department.
Department
Responsible Department
This item is submitted by Deputy City Manager David Mathews and the Human Resources Department.