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 entails a Not-to-Exceed amount of $2,544,771.63 and extends the contract from May 1, 2025, through March 5, 2026. This extension is necessary to ensure uninterrupted service as the incumbent contractor has been providing these services satisfactorily for the past ten years.

The contract was awarded through a competitive sealed proposal process, with ICMA Retirement Corporation receiving the highest score among the proposals evaluated. The bill also includes a certification of legal sufficiency, confirming that the contract is within the appropriated budget authority and complies with all legal requirements. Additionally, ICMA Retirement Corporation will subcontract 6.72% of the total contract value to PRM Consulting Group, Inc., with a waiver for the remainder of the subcontracting requirement.