Item Description:
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Agmt PR00004636 with the Standard Insurance Co. for the provision of a group Short- and Long-Term Disability Insurance plan for HC employees and Term Life Insurance for employees and their dependents, 01/01/24-12/31/29, NTE $27,500,000
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Resolution:
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BE IT RESOLVED, that the Hennepin County Board of Commissioners delegates to the County Administrator authority to negotiate and finalize Agreement PR00004636 with the Standard Insurance Company for the provision of a group Short- and Long-Term Disability insurance plan and Term Life Insurance for Hennepin County employees and their dependents during the period of January 1, 2024 through December 31, 2029 in an amount not to exceed $27,500,000; that following review by the County Attorney's Office, the Chair of the Board be authorized to sign the Agreement on behalf of the county; and that the Controller be authorized to disburse funds as directed.
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Background:
Pursuant to M.S. 471.6161 which requires governmental units to release a request for proposal (RFP) for these services at least every 60 months, Human Resources Total Rewards Division and Purchasing and Contract Services released an RFP on June 20, 2023. The RPF was posted on the county's website and six companies were directly contacted.
Following review and evaluation, Human Resources Total Rewards Division staff recommends that the Short- and Long-Term Disability contract be awarded to Standard Insurance Company, the incumbent, for the following reasons:
* Three-year rate guarantee
* Performance guarantees
* No disruption with continuing with the same vendor with positive past county experience
* Seamless transition from Short Term Disability to Long Term Disability for employees who have both coverages
* Continued service commitment to the county; and
* A strong stay-at-work/return-to-work program which has been a partnership that helps to manage costs while decreasing lost work time for departments.
Staff r...
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