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On agenda:
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11/1/2022
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Final action:
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Title:
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Approve an Amendment to the Contract with Sun Life Assurance Company of Canada, for RFP No. 604258-16, for Group Life and Long-Term Disability Insurance; and authorize the Chief Financial Officer or her designee to sign the Amendment; or take other action as appropriate. (Also sitting as Clark County Water Reclamation District Board of Trustees, University Medical Center of Southern Nevada Board of Trustees and Mount Charleston Fire Protection District Board of Fire Commissioners) (For possible action)
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CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Les Lee Shell, Deputy County Manager Thomas A. Minwegen, General Manager Mason Van Houweling, Chief Executive Officer Jorge Gonzalez, Fire Chief |
Recommendation:
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Approve an Amendment to the Contract with Sun Life Assurance Company of Canada, for RFP No. 604258-16, for Group Life and Long-Term Disability Insurance; and authorize the Chief Financial Officer or her designee to sign the Amendment; or take other action as appropriate. (Also sitting as Clark County Water Reclamation District Board of Trustees, University Medical Center of Southern Nevada Board of Trustees and Mount Charleston Fire Protection District Board of Fire Commissioners) (For possible action)
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FISCAL IMPACT:
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Fund #: |
7440.000 |
Fund Name: |
Payroll Fund |
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Fund Center: |
1020520000 |
Funded PGM/Grant: |
N/A |
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Amount: |
$6,568,455.93 |
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Description: |
Group Life and Long-Term Disability Insurance |
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Additional Comments: |
The initial Contract amount was $1,798,450 annually. Amendment No. 1 increased the Contract amount by $26,477 annually. Amendment No. 2 increased the Contract amount by $20,735.20 annually. Amendment No. 3 will increase the Contract amount by $343,823.11 annually, for a new annual Contract amount of $2,189,485.31 and a new total Contract amount of $15,634,395.13 should all renewal options be exercised. |
BACKGROUND:
On August 15, 2017, the Board of County Commissioners (Board) approved the award of RFP No. 604258-16 to Sun Life Assurance Company of Canada (LBE) in the amount of $1,798,450 annually to provide a Basic Life and Accidental Death and Dismemberment (AD&D) insurance program and a Long-Term Disability (LTD) insurance program.
The following are the pertinent provisions of the Contract:
• The term of the Contract was from was from January 1, 2018 through December 31, 2018 and included the option to renew for 4, one-year periods. There are no renewal options remaining.
• Included the County’s option to terminate for cause, convenience or default and suspend the Contract with advanced written notice.
Amendment No. 1 provided for an increase in the Employee Voluntary Life premiums and a decrease of the Long-Term Disability premiums.
Amendment No. 2 provided for an increase in the Employee Voluntary Life premiums.
Approval of Amendment No. 3 will provide for an increase in the Employee Voluntary Life premiums and an addition of 3, one-year renewal periods. The attached Amendment No. 3 document details the modifications and costs involved.
Sun Life Assurance Company of Canada currently holds a Clark County Business License.
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