To: Board of Supervisors
From: Ann Elliott, Human Resources Director
Report Title: Contract Extension of Fiduciary Consulting with Wealthspire Retirement, LLC (formerly NFP Retirement) for the County’s 457(b) Deferred Compensation Plan
☒Recommendation of the County Administrator ☐ Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE and AUTHORIZE the Human Resources Director, or designee, to execute a contract amendment with Wealthspire Retirement, LLC, f/k/a NFP Retirement, Inc., to increase the payment limit by $48,500 to a new payment limit of $198,500 and to extend the term through March 31, 2027, to provide fiduciary consulting services for the County’s 457(b) Deferred Compensation Plan.
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:
Wealthspire Retirement, LLC's contract (formerly NFP Retirement, Inc.) was approved on March 21, 2023 in an amount not to exceed $150,000, and includes special conditions, 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.
Wealthspire Retirement, LLC provides 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, Wealthspire 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.
This is the first of the two one-year renewal options negotiated under the contract.
CONSEQUENCE OF NEGATIVE ACTION:
If this amendment is not approved, the County will be not be able to access the expertise and support of Wealthspire Retirement, LLC to assist the County with investment strategies for the County’s 457(b) Deferred Compensation Plan.