The proposed bill seeks approval from the Council of the District of Columbia for a contract with Standard Insurance Company, valued at a maximum of $36,471,579, for the management and administration of life and disability insurance benefits for District employees and retirees. This contract will be effective for one year, from January 1, 2026, to December 31, 2026, and will be funded through a combination of the District's share of premiums and employee contributions. The bill outlines the financial implications, indicating a decrease in costs compared to the previous fiscal year, and allows for the possibility of extending the contract for three additional one-year periods, contingent upon budget appropriations.

Additionally, the bill establishes comprehensive requirements for the contractor, including robust insurance coverage, data protection measures, and performance guarantees for claims processing. It mandates that the contractor maintain various types of insurance, including cyber liability and professional liability, and implement industry-standard data security measures to protect personally identifiable information (PII). The bill also emphasizes the importance of a new system, the District of Columbia Access System (DCAS), which must comply with federal and state regulations regarding security and privacy, ensuring efficient management of sensitive information. Overall, the bill aims to enhance the benefits and protections available to District employees and retirees while ensuring compliance with established standards and effective program administration.