4990085 RESOLUTION 20-518, “Contract No. CFOPD-05-C-019 Approval and Payment Authorization Emergency Declaration Resolution of 2014”

A RESOLUTION

                                                        

20-518  

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

June 24, 2014         

 

To declare the existence of an emergency with respect to the need to extend Contract No. CFOPD-05-C-019 with ING Institutional Plan Services to continue to provide management, administration, investment, and trustee services for the District of Columbia’s 401(a) Defined Contribution Pension Plan to the Office of the Chief Financial Officer, Office of Finance and Treasury, and to authorize payment for the services received and to be received under the contract.

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Contract No. CFOPD-05-C-019 Approval and Payment Authorization Emergency Declaration Resolution of 2014”.

 

Sec. 2. (a) There exists an immediate need to approve the extension of Contract No. CFOPD-05-C-019 with ING Institutional Plan Services to continue to provide management, administration, investment, and trustee services for the District of Columbia’s 401(a) Defined Contribution Pension Plan to the Office of the Chief Financial Officer, Office of Finance and Treasury and to authorize payment for the services received and to be received under the contract.

(b) On July 12, 2013, the Contracting Officer executed modification No. 13, which partially exercised the second year of a 2-year option period from July 14, 2013, through October 31, 2013, in the amount of $874,998.  

(c) Modifications Nos. 14 through 20 partially exercised the second year of the option period from November 1, 2013, through June 30, 2014, at no cost.  

(d) Proposed modification No. 21 would exercise the remainder of the second option period from July 1, 2014, through July 13, 2014, in the not to exceed amount of $2,625,002, which with modification No. 13 equals a total amount of $3.5 million.

(e) Council approval is necessary because modification No. 21 increases the contract to one of more than $1 million during a 12-month period. 

(f)  Council approval is further necessary to allow the continuation of these vital services and to allow ING Institutional Plan Services to continue performance under the contract.

 

Sec. 3. The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Contract No. CFOPD-05-C-019 Approval and Payment Authorization Emergency Act of 2014 be adopted after a single reading.

Sec. 4. This resolution shall take effect immediately.