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PROPOSED CONTRACT AMENDMENT
Department(s): Bureau of Finance, Office of the Comptroller
Vendor: Nationwide Retirement Services, Inc. (a subsidiary and affiliate of Nationwide Financial Services, Inc., Columbus, Ohio)
Request: Authorization for the Chief Procurement Officer to renew contract
Good(s) or Service(s): Administrative Services of County/Forest Preserve Deferred Compensation 457(b) Plan
Original Contract Period: 7/1/2012 - 6/30/2017
Proposed Contract Period Extension: 7/1/2018 - 6/30/2019
Total Current Contract Amount Authority: $0
Original Approval (Board or Procurement): 6/19/2012, $0
Previous Board Increase(s) or Extension(s): 6/28/2017, 7/1/2017 - 6/30/2018
Previous Chief Procurement Officer Increase(s) or Extension(s): N/A
This Increase Requested: N/A
Potential Fiscal Impact: N/A
Accounts: N/A
Contract Number(s): 11-88-032
Concurrences:
The vendor has met the Minority- and Women-owned Business Enterprise Ordinance via direct participation and partial MBE and WBE waiver.
The Chief Procurement Officer concurs.
Summary: This second of two (1) one (1) year renewal options will allow Nationwide Retirement Solutions, Inc. to continue to provide the third-party administrator services for the Cook County/Forest Preserve Deferred Compensation Plan As consideration, Nationwide has agreed to reduce its fee two (2.0) basis points (i.e., to 7.5 bps from 9.5 bps) effective July 1, 2018. The Plan’s administrative costs will remain at .75 basis points.
This contract was awarded through Request for Proposals (RFP) process in accordance with the Cook County Procurement Code. Nationwide Retirement Solutions, Inc. was selected based on established evaluation criteria.
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