Group Life Insurance
Closed Solicitation Posted
- Solicitation number
- 2031JW21Q00092
- Agency
-
Office of the Comptroller of the Currency
Department of the Treasury
- Responses due
- Set-aside
- No set-aside
Opportunity facts
- NAICS code
- 524113 Direct Life Insurance Carriers
- Place of performance
- United States
Notice details come from SAM.gov. Updated .
About this opportunity
This solicitation seeks proposals for group life insurance administration and underwriting services. The Office of the Comptroller of the Currency and Office of Financial Research require a contractor to underwrite and administer their group life insurance programs covering approximately 5,590 active employees, retirees, and eligible dependents. The selected offeror will be required to amend an existing policy to provide specified benefits and include additional provisions. Proposals are due by June 17, 2021 and the evaluation criteria include the offeror's experience, technical approach, and pricing.
There is no set-aside designation. The primary NAICS code is 524114 and PSC code is R499. The incumbent contractor is Metropolitan Life Insurance Company, whose five-year contract expires on June 30, 2021. The place of performance is within the United States. Key details include approximately 2,580 active employees and 2,510 retirees, of which 688 are part of a frozen retirement group, to be covered through June 2026. Optional supplemental employee life insurance of up to $500,000 or five times salary will be offered.
Notice text
3 versions
Update #3 · Latest ·
**AMENDMENT 002** The purpose of this amendment is to increase the page limit for Volume 1, Factor 2, Technical Capability from 15 pages to 20 pages, based on a vendor request.
All deleted text is struck-through in red and all added text is highlighted in yellow on page 49 of the amended RFQ document.
Amendment 002 Attachment: Group Life Insurance RFQ_Amendment 0002 (69 pages)
**AMENDMENT 001** The purpose of this amendment is to answer vendor questions and add attachments applicable to the Government's responses.
Amendment 001 Attachments:
2031JW21Q00092 Amendment 1
Attachment 5 - Technical Exhibit OCC Life Claims-Jan 2016 thru May 2021
Attachment 11 - Questions and Answer - MetLife Submission 6102021 (003)
Average Age and Volume_3 years
The OCC is seeking an experienced and qualified contractor to underwrite and administer its group life insurance program for its active and retired employees and their eligible dependents as well as the active employees and eligible dependents of the OFR. The retirees of OFR are not eligible to continue this life insurance benefit into retirement. OCC has been offering its own group term life insurance program since the early 1980s, in addition to the federal group term life program known as the Federal Employees Group Life Insurance (FEGLI). There are approximately 2,580 employees and 2,510 retirees (of which 688 are part of a frozen group, please see Plan Design for more details on this group) enrolled in the OCC Group Life Insurance Program. The current Contractor has delivered, and OCC has accepted Group Policy # 146410-1-G and related Certificates of Insurance (together, the "Policy"). The Contractor will amend the Policy to provide the benefits described in this section 2.0 Scope of Work (see attachment) to include the following provisions:
• Due to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the addition of the Office of Thrift Supervision (OTS) employees, their eligible dependents and retirees as well as the OFR employees and eligible dependents have been added to the OCC life insurance program;
• The Supplemental (Optional Employee) maximum coverage will be from $25,000 up to $500,000 or 5 times the employee’s annual salary; and,
• Enrollment or enrollment changes due to a salary increase of Optional employee coverage is up to two multiples of $25,000 ($50,000 maximum). This change can be made within 31 days of the effective date of the change in salary.
In the event the Contractor finds any inconsistencies between the Policy and section 2.0 Scope of Work, the Policy shall govern.
The OCC Group Life Insurance Program is currently being administered by Metropolitan Life whose current 5-year term contract is scheduled to end on June 30, 2021.
Update #2 ·
**AMENDMENT 001** The purpose of this amendment is to answer vendor questions and add attachments applicable to the Government's responses.
Amendment 001 Attachments:
2031JW21Q00092 Amendment 1
Attachment 5 - Technical Exhibit OCC Life Claims-Jan 2016 thru May 2021
Attachment 11 - Questions and Answer - MetLife Submission 6102021 (003)
Average Age and Volume_3 years
The OCC is seeking an experienced and qualified contractor to underwrite and administer its group life insurance program for its active and retired employees and their eligible dependents as well as the active employees and eligible dependents of the OFR. The retirees of OFR are not eligible to continue this life insurance benefit into retirement. OCC has been offering its own group term life insurance program since the early 1980s, in addition to the federal group term life program known as the Federal Employees Group Life Insurance (FEGLI). There are approximately 2,580 employees and 2,510 retirees (of which 688 are part of a frozen group, please see Plan Design for more details on this group) enrolled in the OCC Group Life Insurance Program. The current Contractor has delivered, and OCC has accepted Group Policy # 146410-1-G and related Certificates of Insurance (together, the "Policy"). The Contractor will amend the Policy to provide the benefits described in this section 2.0 Scope of Work (see attachment) to include the following provisions:
• Due to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the addition of the Office of Thrift Supervision (OTS) employees, their eligible dependents and retirees as well as the OFR employees and eligible dependents have been added to the OCC life insurance program;
• The Supplemental (Optional Employee) maximum coverage will be from $25,000 up to $500,000 or 5 times the employee’s annual salary; and,
• Enrollment or enrollment changes due to a salary increase of Optional employee coverage is up to two multiples of $25,000 ($50,000 maximum). This change can be made within 31 days of the effective date of the change in salary.
In the event the Contractor finds any inconsistencies between the Policy and section 2.0 Scope of Work, the Policy shall govern.
The OCC Group Life Insurance Program is currently being administered by Metropolitan Life whose current 5-year term contract is scheduled to end on June 30, 2021.
Update #1 ·
The OCC is seeking an experienced and qualified contractor to underwrite and administer its group life insurance program for its active and retired employees and their eligible dependents as well as the active employees and eligible dependents of the OFR. The retirees of OFR are not eligible to continue this life insurance benefit into retirement. OCC has been offering its own group term life insurance program since the early 1980s, in addition to the federal group term life program known as the Federal Employees Group Life Insurance (FEGLI). There are approximately 2,580 employees and 2,510 retirees (of which 688 are part of a frozen group, please see Plan Design for more details on this group) enrolled in the OCC Group Life Insurance Program. The current Contractor has delivered, and OCC has accepted Group Policy # 146410-1-G and related Certificates of Insurance (together, the "Policy"). The Contractor will amend the Policy to provide the benefits described in this section 2.0 Scope of Work (see attachment) to include the following provisions:
• Due to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the addition of the Office of Thrift Supervision (OTS) employees, their eligible dependents and retirees as well as the OFR employees and eligible dependents have been added to the OCC life insurance program;
• The Supplemental (Optional Employee) maximum coverage will be from $25,000 up to $500,000 or 5 times the employee’s annual salary; and,
• Enrollment or enrollment changes due to a salary increase of Optional employee coverage is up to two multiples of $25,000 ($50,000 maximum). This change can be made within 31 days of the effective date of the change in salary.
In the event the Contractor finds any inconsistencies between the Policy and section 2.0 Scope of Work, the Policy shall govern.
The OCC Group Life Insurance Program is currently being administered by Metropolitan Life whose current 5-year term contract is scheduled to end on June 30, 2021.
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