The City has used the services of ICMA Retirement Corporation ("ICMA-RC") since 1998 for the administration and recordkeeping of the General Employees 401a Defined Contribution Plan and the 457b Deferred Compensation Plan. The existing Administrative Services Agreement with ICMA-RC contains a five-year renewal option that is subject to the prior approval of the City Council. The five-year renewal would normally occur on November 1, 2015. ICMA-RC has submitted a proposal to exercise the five-year renewal early. As part of this early renewal, ICMA-RC will reduce the fees that participants pay for investment management services.

The attached Administrative Services Agreement incorporates the new pricing terms and extends the agreement through October 31, 2020. Thereafter, the Agreement will be automatically renewed for additional one-year terms unless prior written notice of non-renewal is provided at least 60 days in advance of the renewal date. City staff has been satisfied with the services provided by ICMA-RC and recommends that the City Council approve the attached Agreement.

Authorize the five-year renewal of the Administrative Services Agreement with ICMA-RC and authorize the Chief Procurement Officer to enter into an agreement with ICMA-RC substantially in the form attached, subject to review by the City Attorney's Office.