The proposed bill seeks to approve Modification No. 20 for Contract No. CFOPD-15-C-003 with ICMA Retirement Corporation, which is set to provide ongoing management services for the District's 457 Deferred Compensation and 401(a) Defined Contribution Pension Plans. The modification includes a Not-to-Exceed amount of $2,544,771.63 and extends the contract for an additional year, from May 1, 2025, through March 5, 2026. This extension is necessary to ensure uninterrupted service while a new procurement process is completed.

ICMA Retirement Corporation has been the incumbent contractor for the past ten years and has demonstrated satisfactory performance in managing the required services. The contract was originally awarded in 2015 with a five-year base term and two optional two-year extensions. The current modification is a sole-source extension, justified by the need for continuity in service and the contractor's unique qualifications and historical knowledge of the plans. The bill also includes a certification of legal sufficiency and confirms that funding is available to cover the expenses associated with the contract.