Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval to accept a name change and authorizing the Department of Purchasing & Contract to reflect the name change of Massachusetts Mutual Life Insurance Company (“Mass Mutual”) to Great-Westlife & Annuity Insurance Company (“Great-West”) which operates primarily as Empower Retirement, LLC (“Empower”). Effective upon BOC approval. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
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Requirement for Board Action (Cite specific Board policy, statute or code requirement)
In accordance with Purchasing Code Section 102-420, contract modifications within the scope of the contract and necessary for contract completion of the contract, in the specifications, services, time of performance or terms and conditions of the contract shall be forwarded to the Board of Commissioners for approval.
Strategic Priority Area related to this item (If yes, note strategic priority area below)
Open and Responsible Government
Is this a purchasing item?
Yes
Summary & Background (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
On January 4, 2021, Empower Retirement closed acquisition of Mass Mutual retirement plan business.
As a result of the sale of Mass Mutual retirement business to Great-West, MassMutual entered into certain reinsurance agreements with Great-West with respect to the insurance policies issued by MassMutual, including the insurance policy issued to Fulton County (the “Fulton Policy”). Under the reinsurance agreements, MassMutual will cede 100% of its liabilities under in-scope insurance policies, including the Fulton Policy, to Great-West. Each covered insurance policy, notwithstanding the reinsurance transfer, remains a contract between the “contract owner” and MassMutual. Correspondingly, any contractual guarantees in the covered insurance policies remain as provided for in the covered insurance policies.
In order to be in compliance with the Fulton County Government policies and contract agreement terms and conditions, the name change has to be approved by the Fulton County Board of Commissioners. There are no changes in terms and conditions, and services will continue to be provided at the same level required for the project.
Contract Modification
Contract & Compliance Information (Provide Contractor and Subcontractor details.)
Not Applicable
Exhibits Attached (Provide copies of originals, number exhibits consecutively, and label all exhibits in the upper right corner.)
Exhibit 1: Notice of Assignment documentation
Exhibit 2: Contract No. 060157-0004-0000, Administrative Services Agreement
Contact Information (Type Name, Title, Agency and Phone)
Hakeem Oshikoya, Director, Finance Department (404) 612-7641
Contract Attached
No
Previous Contracts
Yes
Total Contract Value
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Original Approved Amount: |
0.00 |
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Previous Adjustments: |
0.00 |
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This Request: |
0.00 |
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TOTAL: |
0.00 |
Grant Information Summary
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Amount Requested: |
0.00 |
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Cash |
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Match Required: |
0.00 |
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In-Kind |
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Start Date: |
0.00 |
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Approval to Award |
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End Date: |
0.00 |
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Apply & Accept |
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Match Account $: |
0.00 |
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Fiscal Impact / Funding Source
No fiscal impact.