CMS Notice of Award Life Insurance.pdf
PDF 329 KB Posted
- Solicitation number
- 21-416CMS-BENF4-B-20592
- Issued by
- Illinois
About this file
This document is a Notice of Award Form for a life insurance services contract issued by the Illinois Department of Central Management Services (CMS). CMS is awarding a 5-year contract with up to 5 years of renewal options to Metropolitan Life Insurance Company to provide group life and accidental death & dismemberment insurance for state employees and annuitants. The total contract value is estimated at $741,074,000.
The contract was procured through the Invitation for Bid process, and was awarded to the lowest responsive and responsible bidder. The initial 5-year term is estimated to cost $370,537,000, with an estimated annual renewal cost of $74,107,400. Key pricing details include a basic premium rate of $0.26, basic administrative fee of 0.75%, interest rate of 5%, and estimated annual cost of $42,743,000 for supplemental life insurance. The contract has a 5% utilization goal for the Business Enterprise Program.
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Other files
| File | Type | Posted |
|---|---|---|
| Forms A~24.doc | DOC document | |
| Forms B Section V.20.1~17.docx | DOCX document | |
| Utilization Plan Version 20.0.pdf | ||
| Attachment - Notice of Electronic Submission Only v.20.2.pdf | ||
| Vendor Instruction to submit Technical Proposals B-20592.docx | DOCX document |
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Text version
Notice of Award Form
V.19.3 Page 1 of 2
Agency and Awarded Vendor Information
*Description: Life Insurance Services
*Bid Number: B-20592, B-20593 *Agency: Central Management Services
*Vendor Selected for Award: Metropolitan Life Insurance Company
*Line Item Description:
The Department of Central Management Services is seeking a Vendor to provide a group life and accidental death & dismemberment (AD&D) insurance program for its employees and annuitants. CMS is awarding the contract to Metropolitan Life Insurance Company.
*Award Amount: $741,074,000.00 *Length of Initial Term: 5 years *Length of available renewal options: 5 years
Farm Leases and Concessions
Value to the State:
Estimated Financial Return to the State for the Life of the Contract (Includes Renewals)
Value to the Vendor:
Estimated Gross Revenue to the Vendor for the Life of the Contract (Includes Renewals)
Business Enterprise Program/Veterans Business Program
% of BEP Per Utilization Plan: 5 % of VBP Per Utilization Plan: 0
Other:
Unsuccessful Bidder(s)
*Number of Responding Bidders: 3 *Number of Unsuccessful Bidder(s) 2 *Number of Awarded Bidder(s): 1
Bidder(s)/Offeror(s) Not Selected:
Minnesota Life Insurance Company, Standard Insurance Company
Agency Contact
Contact Name: Tom Sestak Telephone Number: 217-524-3508
Email Address: tom.j.sestak@illinois.gov Fax Number: 217-557-2080
Street Address: 801 S. 7th Street, 2FL City: Springfield
State: Illinois Zip Code: 62703
V.19.3 Page 2 of 2
SPO Written Determination for Contract Award Decision
General - Applies to Split Awards, Award to Other than Lowest Responsible and Responsive Bidder. The Rationale described by the purchasing agency in the recommendation to award seems reasonable, and serves as the basis for the contract decision.
Invitation for Bid - The contract was procured through the Invitation for Bid Process, and the contract has been awarded to the lowest priced responsive and responsible bidder.
Request for Proposal - Based on factors set forth in the Request for Proposal, the contract has been awarded to the offeror whose proposal is most advantageous to the State.
Renewal - The contract is a renewal in accordance with the terms of the existing contract. The award decision is based on justification presented by the purchasing agency's justification.
Comments:
Estimated Initial Term Cost (5 Years) - $370,537,000.00 Estimated Annual Renewal Cost $74,107,400.00 Basic Premium Rate - $.26, Basic Adm. Fee - .75%, Interest rate - 5%, Supplemental Life Estimated Annual Cost - $42,743,000 Spouse Life - $.57, Child Life - $.06, AD&D - $.02.
Other:
Explanation of other terms:
SPO Signature: Date: 4/2/2021
V.19.3 Page of Agency and Awarded Vendor Information Farm Leases and Concessions Estimated Financial Return to the State for the Life of the Contract (Includes Renewals) Estimated Gross Revenue to the Vendor for the Life of the Contract (Includes Renewals) Business Enterprise Program/Veterans Business Program Unsuccessful Bidder(s) Bidder(s)/Offeror(s) Not Selected:
Agency Contact SPO Written Determination for Contract Award Decision 11.0.0.20130303.1.892433.887364
| CurrentPage: |
| PageCount: |
| DESCRIPTION: Life Insurance Services |
| BIDNUMBER: B-20592, B-20593 |
| AGENCY: Central Management Services |
| VENDORSELECTED: Metropolitan Life Insurance Company |
| LINEITEMDESCRIPTION: The Department of Central Management Services is seeking a Vendor to provide a group life and accidental death & dismemberment (AD&D) insurance program for its employees and annuitants. CMS is awarding the contract to Metropolitan Life Insurance Company. |
| AWARDAMOUNT: $741,074,000.00 |
| LENGTHINITIALTERM: 5 years |
| NMBROFRENEWALS: 5 years |
| VALUETOSTATE: |
| VALUETOVENDOR: |
| PERCENTBEPUPLAN: 5 |
| PERCENTVBPUPLAN: 0 |
| OTHER: |
| NoRespBidders: 3 |
| NoUnsuccessfulBidders: 2 |
| NumberAward: 1 |
| BdOffInfo: Minnesota Life Insurance Company, Standard Insurance Company |
| ContactName: Tom Sestak |
| PhoneNumber: 217-524-3508 |
| EmailAddress: tom.j.sestak@illinois.gov |
| FaxNumber: 217-557-2080 |
| Streetaddress: 801 S. 7th Street, 2FL |
| City: Springfield |
| State: Illinois |
| ZipCode: 62703 |
| CheckBox1: 0 |
| CheckBox2: 0 |
| CheckBox3: 1 |
| CheckBox5: 0 |
| TextField1: Estimated Initial Term Cost (5 Years) - $370,537,000.00 Estimated Annual Renewal Cost $74,107,400.00 |
Basic Premium Rate - $.26, Basic Adm. Fee - .75%, Interest rate - 5%, Supplemental Life Estimated Annual Cost - $42,743,000 Spouse Life - $.57, Child Life - $.06, AD&D - $.02.
| TextField2: |
| TextField3: |
| SignatureField1: |
| DateField1: 4/2/2021 |
File details come from the government source that posted it. Updated .