Agenda

Return

C. 78

To:	Board of Supervisors
From:	Ann Elliott, Human Resources Director
Date:	March 21, 2023

Contra

Costa

County

Subject:

Approve a contract with NFP Retirement for Fiduciary Consulting for the County’s 457(b) Deferred Compensation plan

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 03/21/2023

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor
Ken Carlson, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:

Salma Sadiq, (925) 655-2176

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 21, 2023
Monica Nino, County Administrator

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the Human Resources Director, or designee, to execute a contract with NFP Retirement, Inc. in an amount not to exceed $150,000 to provide fiduciary consulting services for the County’s 457(b) Deferred Compensation plan for the period April 1, 2023 through March 31, 2026, with two optional one-year renewals, subject to approval as to form by County Counsel.

FISCAL IMPACT:

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

BACKGROUND:

A Request for Proposals (RFP) for the 457(b) Plan Fiduciary Consulting Services was issued in December 2022. NFP Retirement was determined as the best match for the County’s requirements.

BACKGROUND: (CONT'D)

NFP Retirement, Inc. will provide fiduciary consulting services to assist the County with performance evaluation, measurement allocation and investment strategy for the County’s 457 Deferred Compensation plan. Pursuant to the parties’ contract, NFP Retirement performs advisory and fiduciary consulting services, including, 1) attendance at meetings; 2) investment management search and selection; 3) investment performance monitoring; 4) investment fee structure review; 5) fiduciary training; 6) administrative services monitoring; and 7) general consulting.

The contract has a three-year term, with an option for two one-year renewal periods. This action authorizes the Human Resources Director or designee to execute the contract with NFP Retirement. The contract is subject to County Counsel’s review and final approval.

CONSEQUENCE OF NEGATIVE ACTION:

If this contract is not approved, the County will not be able to access the expertise and support of NFP Retirement, Inc. to assist the County with investment strategies for the County’s 457(b) Deferred Compensation plan.

CHILDREN'S IMPACT STATEMENT:

None.