GIC approves renewal with MetLife for life and long-term disability

The Group Insurance Commission voted to approve contracting with MetLife to provide life and long-term disability (LTD) insurance following a staff recommendation based on a recent procurement.

Cameron McBean, director of vendor management, told commissioners that finalists in the procurement included incumbent MetLife and The Hartford and that the selection team recommended renewing contracts with MetLife, noting some rate relief for active-member life premiums. "We settled on 2 finalists for interviews...the team along with our consultants selected to renew our contracts with MetLife as our recommendation," McBean said.

Commissioners asked about member-facing changes. McBean said there would be no benefit-design changes to LTD and that active employees would see a small decrease in life and AD&D premiums; some retired municipal teacher life amounts have a modest increase tied to a risk adjustment. The proposed contract term is three years with two one-year renewal options.

Chair Valerie Sullivan entertained a motion to approve the procurement; Commissioner Bobby Kaplan moved and Commissioner Jason Silva seconded. Staff conducted a roll-call vote and the motion passed "unanimously of those voting," according to the meeting record.

The commission directed staff to continue negotiations on pricing and supplier-diversity commitments during the final contract stage. Commissioners said they expect the procurement team to pursue additional cost concessions where possible before final execution.

The commission’s procurement vote concludes the life/LTD solicitation process; staff said additional procurement work (FSA administrator and PBM consultant) is ongoing and will be brought forward later this year.