DATE: November 24, 2020
TO: Board of Supervisors
SUBMITTED BY: Paul Nerland, Director of Human Resources
SUBJECT: Agreement with Northwest Capital Management to provide Consulting Services for the County of Fresno 457(b) Deferred Compensation Plan
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute an Agreement with Northwest Capital Management for consulting services related to the County of Fresno 457(b) Deferred Compensation Plan, effective December 13, 2020 through December 31, 2025, total not to exceed $250,000.
REPORT
Approval of the recommended action will provide ongoing consulting services by Northwest Capital Management ("Northwest Capital") to the County of Fresno 457(b) Deferred Compensation Plan (the "Deferred Compensation Plan") at $42,500 per year. Northwest Capital will also provide assistance with a Request for Proposal (RFP) process for the Deferred Compensation Plan Record-keeper (the current record-keeper is Nationwide Retirement Solutions), at a one-time fee of $30,000. The Deferred Compensation Management Council (the "Council") is recommending a five-year agreement instead of a three-year agreement with two (2) one-year renewals, as the fee structure for the five-year term will result in an annual savings of $2,500 to Deferred Compensation Plan participants. This item is countywide.
ALTERNATIVE ACTION(S):
Your Board may direct staff to consider other proposals received during the RFP process. In addition, your Board may approve a three (3) year agreement with Northwest Capital with two (2) optional one-year extensions. This option would increase the annual consulting fee by $2,500.
FISCAL IMPACT:
There is no increase in net County cost associated with the recommended action. The Deferred Compensation Plan has discretionary administrative funds budgeted to pay for the cost of consulting services. The estimated maximum compensation of the Agreement is $250,000, which includes an annual fee of $42,500 and a se...
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