Agenda

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C. 32

To:	Board of Supervisors
From:	Ann Elliott, Interim Human Resources Director
Date:	March 9, 2021

Contra

Costa

County

Subject:

Contract Extension of Fiduciary Consulting Services with Segal Advisors for the County’s 457 Deferred Compensation plan

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 03/09/2021

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Diane Burgis, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor

ABSENT:

Candace Andersen, District II Supervisor

Contact:

Ann Elliot 9256552176

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: March 9, 2021
Monica Nino, County Administrator

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the Human Resources Director, or designee, to execute a contract amendment with Segal Advisors, Inc. including modified indemnification language, to extend the term from March 31, 2021 through March 31, 2022, and increase the payment limit by $60,000 to a new payment limit of $210,000.

FISCAL IMPACT:

The program is funded through plan participant fees. There is no fiscal impact beyond overhead administration support costs which is reimbursed annually through the plan

BACKGROUND:

Segal Advisors provides fiduciary consulting services for the County. These services assist the County with performance evaluation, measurement allocation and investment strategy for the County’s 457 Deferred Compensation plan. Pursuant to the parties’ contract, Segal Advisors performs the following advisory and fiduciary consulting services, among others,: 1) attendance at meetings; 2) investment management search and selection; 3) investment performance monitoring; 4) administrative services monitoring; and 5) general consulting.

BACKGROUND: (CONT'D)

Following the expiration of this extension, an additional option to renew the contract for one more year will remain under the parties’ contact.

CONSEQUENCE OF NEGATIVE ACTION:

If this extension is not approved, the County will be not be able to access the expertise and support of Segal Advisors to assist the County in measurement allocation and investment strategy for the County’s 457 Deferred Compensation plan.