Title
Amendment No. 1 to General Services Agreement No. AGR16-7288 with Dearborn Life Insurance Company, in the Amount of $63,400, plus Applicable Gross Receipts Tax, for the Purpose of Providing Basic Life, AD&D, and Voluntary Life, Insurance (Ancillary Benefits) to Los Alamos County Employees.
Recommended Action
I move that Council approve Amendment No. 1 to General Services Agreement No. AGR16-7288 with Dearborn Life Insurance Company, in the amount of $63,400, for the purpose of providing Basic Life, AD&D, and Voluntary Life, Insurance (Ancillary Benefits) to Los Alamos County Employees.
County Manager's Recommendation
The County Manager recommends that Council approve this Amendment No. 1 to General Services Agreement No. AGR16-7288 as requested.
Body
On October 9, 2015, the Council approved AGR16-7288 with Dearborn National Life Insurance Company for Basic Life, AD&D, and Voluntary Life Insurance for Los Alamos County. The initial term of the Agreement commenced on January 1, 2016 and continued through December 31, 2019 and allowed for three (3) additional one (1) year renewal periods. Amendment No. 1 to the original agreement, dated January 1, 2020 extends the term for the remaining three renewal periods allowable as provided for in the original agreement through December 31, 2022. Additionally, Amendment No. 1 recognizes the vendor name change from Dearborn National Life Insurance Company to Dearborn Life Insurance Company. The compensation for the initial term of the Agreement was approved at approximately SEVENTY-TWO THOUSAND FIVE HUNDRED SIXTY-EIGHT DOLLARS ($72,568.00). Through negotiations between the parties, the County will be able to continue offering the benefit with no rate increase for this final renewal. Currently regular and limited term employees have mandatory life insurance in the form of basic life and AD&D coverage. Each of these benefits provides coverage equivalent to the employee's annual salary, up to a maximum of $50,000. Emp...
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