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403(b) vendor contract amended so existing teacher accounts can remain with current providers; USI to be third‑party administrator for new accounts
Summary
Board staff reported a contract amendment with USI Consulting Group that allows teachers with existing 403(b) accounts at current vendors to keep those accounts; USI will be the single vendor for new accounts and third‑party administrator for the district.
District staff briefed the board May 5 on a proposed contract with USI Consulting Group to serve as the third‑party administrator for the district’s 403(b) plan and said USI amended its offer after vendor discussions.
Under the amendment described by district staff, employees who already have accounts with the district’s two current vendors—ValueTeachers and Corebridge—may keep those accounts and continue contributing. USI will be the single vendor for any new accounts and will provide third‑party administration services for the plan going forward. The board discussion focused on member questions about transitions and whether current accounts could still accept payroll deductions; staff confirmed existing accounts may continue and payroll contributions will carry on.
Legal counsel and procurement staff participated in the discussions; district counsel said the amendment was voluntary from USI and the procurement team worked with USI to draft an addendum. The transcript shows the board expected a vote on the contract in the regular agenda; no vote outcome was recorded in the portion of the transcript provided.
Board members thanked staff and community representatives involved in negotiating the terms and asked staff to confirm communication to employees about the change if the contract is approved.
