Placement: Consent Agenda
Action Requested: Motion / Vote
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Approve Extension of Contract Term for Contract #20120017 - ICMA Administration Services
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Submitted By: Keith Stewart, Senior Procurement Contracting Officer, Procurement Management Division (PMD).
Strategic Plan Link: The City's Mission to provide exceptional services.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Keith Stewart, Senior Procurement Contracting Officer, PMD.
2. Parties: City of Port St. Lucie and International City Management Association Retirement Corporation (ICMA-RC) d/b/a Mission Square.
3. Purpose: Extends the contract for retirement record keeping and advisory services.
4. New/Renewal/Modified: Renewal.
5. Duration: Extends the existing contract through March 31, 2026, with the option to auto-renew.
6. Benefits to Port St. Lucie: Reduces the fees charged by ICMA-RC dba Mission Square for retirement investment record keeping and advisory services.
7. Cost to Port St. Lucie (Annual and Potential): There is no cost to the City for this contract. The costs are paid by employees' individual retirement accounts.
Presentation Information: N/A
Staff Recommendation: Move that the Council approve the one-year extension.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the one-year extension.
2. Move that the Council not approve the extension and provide the staff with direction.
Background: The City has a long-standing administrative service agreement with ICMA-RC dba Mission Square to provide record keeping and advisory services for the City's defined contribution retirement plan and the City's deferred compensation retirement accounts. These are defined as the 401 and 457 accounts, respectively. The City entered into an agreement with Fiduciary First to assist employees with the City's defined contribution retirement plan and the City's deferred compensation retirement accounts. One of the items that Fiducia...
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