Item Description:
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Amd 2 to Agmt PR00000724 with Lutheran Social Service of Minnesota for the provision of financial counseling and classes to Hennepin County employees and their family members, ext end date to 12/31/25, incr NTE by $70,941
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Resolution:
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BE IT RESOLVED, that Amendment 2 to Agreement PR00000724 with Lutheran Social Service of Minnesota for the provision of financial counseling and financial wellness educational services to Hennepin County employees and their family members, extending the contract end date to December 31, 2025 and increasing the not to exceed amount by $70,941 for a new total not to exceed amount of $431,000 be approved; that the Chair of the Board be authorized to sign the Amendment on behalf of the County; and that the Controller be authorized to disburse funds as directed.
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Background:
Lutheran Social Service (LSS) of Minnesota's certified financial counselors provide:
* up to six financial and/or student loan repayment counseling sessions per year for each Hennepin County employee and/or family member, at no cost to the employee or family member, covering budget counseling, credit report review, housing counseling, or checking account management skills.
* Up to 24 financial wellness educational workshops per year
* Debt management plans for employees to enroll in
* On-call counselor services for brief financial questions
* Direct phone number for Hennepin County employees
This item supports disparity reduction efforts by providing personalized financial literacy training and education including broader perspectives about wealth and the psychology of money. Financial well-being is part of the county's Total Rewards strategy.
In 2023, LSS provided financial counseling sessions to 174 individuals and educational sessions to 367 participants. During the first two quarters of 2024, 114 individuals participated in a financial counseling session and 617 attended a financial presentation. Feedback received has b...
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