The proposed bill seeks to approve a contract modification with ICMA Retirement Corporation for the continued management of the District's 457 Deferred Compensation and 401(a) Defined Contribution Pension Plans. The modification, identified as Modification No. 20 under Contract No. CFOPD-15-C-003, has a Not-to-Exceed amount of $2,544,771.63 and will extend the contract from May 1, 2025, through March 5, 2026. This extension is necessary to ensure uninterrupted benefit plan management services, as ICMA Retirement Corporation has been the incumbent contractor for the past ten years and possesses the historical knowledge required for these services.

The contract modification is classified as a sole-source extension, allowing the District sufficient time to complete a new procurement process for these services while ensuring a smooth transition to a new vendor if necessary. The contract was awarded through a competitive sealed proposal process, with ICMA Retirement Corporation receiving the highest overall score among the proposals evaluated. The modification also includes a subcontracting plan, where 6.72% of the total contract value will be subcontracted to PRM Consulting Group, Inc., with a waiver for the remainder of the subcontracting requirement.