Title
Employee Group Life, Accidental Death and Dismemberment and Occupational Life insurance - RFP HR 20-106 - Amendment (Ordinance S-51684) - Citywide
Description
Request to authorize the City Manager, or his designee, to execute an amendment to Contract 152644 with Minnesota Life Insurance Company to extend the contract term and add additional expenditures. Further request to authorize the City Controller to disburse all funds related to this item. The additional expenditures will not exceed $5,000,000.
Report
Summary
This contract is for Employee Group Life, Accidental Death and Dismemberment and Occupational Life insurance. The contract provides a variety of life insurance plans for City of Phoenix employees and their dependents. An amendment is needed to extend the contract term and secure additional funds in order to have additional time to conduct a procurement process. This extension will provide City employees continuous access to insurance products offered by Minnesota Life Insurance Company.
Contract Term
Upon approval the contract will be extended through December 31, 2026.
Financial Impact
Upon approval of $5,000,000 in additional funds, the revised aggregate value of the contract will not exceed $27,000,000. Funds are available in the Human Resources Department’s budget.
Concurrence/Previous Council Action
The City Council previously reviewed this request:
• Employee Group Life, Accidental Death and Dismemberment and Occupational Life insurance Contract 152644 (Ordinance S-46758) on June 17, 2020.
Department
Responsible Department
This item is submitted by Assistant City Manager Lori Bays and the Human Resources Department.