TO: Board of Supervisors
FROM: Sheryl L. Bratton, County Counsel
REPORT BY: Susan B. Altman, Deputy County Counsel
SUBJECT: Amendment No. 1 to Agreement 230103B with Hyas Group, LLC
RECOMMENDATION
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Approve and authorize Amendment No. 1 to Agreement 230103B with Hyas Group, LLC now doing business as Fiduciary Consulting Group, adjusting the scope and increasing the contract maximum from $37,000 to $72,000. (Fiscal Impact: $35,000 Expense; Deferred Compensation Board of Control; Budgeted; Discretionary)
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BACKGROUND
On July 26, 2022, after recommendation from Napa County's Deferred Compensation Board of Control, the County entered into Agreement 230103B with Hyas Group, LLC, for financial advisory services for the County's Deferred Compensation 457, 401(a) and Obra retirement plans (Plans). The Hyas Group now is doing business as the Fiduciary Consulting Group (FCG), a business within Morgan Stanley Institutional Investment Advisor LLC.
On April 24, 2018, the County entered into Agreement 180190B with Mass Mutual, which was subsequently purchased by Empower Trust Company, LLC, as the County's deferred compensation plan recordkeeper. The contract for two 3-year terms is expiring in February 2027. Therefore, the County will be issuing a Request for Proposals (RFP) for deferred compensation plan recordkeeping services. Due to the complexity and highly sensitive nature of this service, the County's Deferred Compensation Board of Control is seeking professional assistance to conduct this RFP and is requesting the services of FCG. FCG is an expert in this process, is aware of all recordkeepers currently providing comparable services, and is a fiduciary to the County's plan. The Deferred Compensation Board is confident FCG will be unbiased and will have the best interest of the County and participants as their top priority and is recommending an amendment to their contract to include this additional service.
Therefore, the County now seeks to adopt ...
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