RFP - Single Premium Annuity for Lifetime Benefit Payments

The City of Grand Island is seeking qualified commercial life‑insurance carriers to issue a Single Premium Immediate Annuity (SPIA) that will provide lifetime benefit payments for its employees/retirees. This solicitation is a competitive RFP where carriers will submit bids outlining the annuity terms, funding amounts, and administrative services. The award will be made to the carrier that offers the most favorable combination of cost, reliability, and benefit structure. • Solicits bids from admitted commercial life‑insurance carriers only. • Requires issuance of a Single Premium Immediate Annuity that guarantees lifetime payouts. • Bids must be submitted electronically via Quest CDN v‑Bid by the closing date. • Evaluation focuses on annuity pricing, insurer’s financial strength, and service capabilities. • No site visits or pre‑bid meetings are indicated.