| Item Title: | HR - First Amendment to the Standard Group Life Insurance policy | | Submitted By: | Sam Trujillo, Interim Chief Human Resources Officer, Human Resources Department (915) 546-2218 | | Subject: | Approve and authorize the First Amendment to the Group Life Insurance Policy with the Standard Insurance Company for Basic Life, Basic Dependent Life, and Accidental Death & Dismemberment (AD&D) Insurance for County Employees. Funds are available in various departmental accounts INSURANCE-LIFE. (Contract No. 2023-1015) | | Background: | El Paso County, based on RFP #22-022, currently provides Basic Life, Basic Dependent Life, and Accidental Death & Dismemberment (AD&D) Insurance for employees as well as the ability for employees to obtain Supplemental Life Insurance through the Standard Insurance Company.
The First Amendment to the Group Life Insurance policy provides the ability for employees currently enrolled in employee and/or spouse Supplement Life Insurance in an amount less than the Guarantee Issue Amount, for the Evidence of Insurability (EOI), a waiver which will allow the employee to increase their and/or their spouse’s Supplemental Life Insurance during the Annual Open Enrollment Period in one or two increments of $10,000 up to the Guarantee Issue Amount.
The First Amendment to the Group Life Insurance Policies with the Standard Insurance Company has been reviewed by the County Attorney’s Office (2023-1015). | | Fiscal Impact: | 2017-2022 Approximately $1,505 per month ($18,060 annually) for $10,000 individual employee coverage
2023 - Approximately $3,375 per month ($40,500 annually) for $40,000 individual employee coverage
Actual costs determined by total number of County employees each month. Funds are available in various departmental accounts: INSURANCE-LIFE (511040) | | Recommendation: | Approve and authorize the First Amendment to the Group Life Insurance Policy with the Standard Insurance Company for Basic Life, Basic Dependent Life, and Accidental Death & Dismemberment (AD&D) Insurance for County Employees. Funds are available in various departmental accounts INSURANCE-LIFE. (Contract No. 2023-1015) | | Prior Action: | September 26, 2022, Agenda Item #14, Commissioners Court approved RFP# 22-022 for Basic and Supplemental Life Insurance with the Standard Insurance Company.
December 12, 2022, Agenda Item #4R, Commissioners Court approved the Life Insurance application and the Benefit Administration Fee Arrangement form with the Standard Insurance Company (2022-0951).
February 27, 2023, Agenda Item #4N, Commissioners Court approved the Life Insurance Policy and Certificate with the Standard Insurance Company (2023-0024). | | Strategic Plan: | .. | | Strategic Plan Information: | |
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