TO: Board of Supervisors
FROM: Susan Altman, Deputy County Counsel
REPORT BY: Erin Cossen, Legal Office Manager
SUBJECT: Agreement with Hyas Group LLC
RECOMMENDATION
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Napa County's Deferred Compensation Board of Control requests approval of and authorization for the Chair to sign an agreement with Hyas Group LLC from July 1, 2022 through June 30, 2027 to provide Financial Advisory Services for the County's Deferred Compensation plan.
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EXECUTIVE SUMMARY
Napa County's Deferred Compensation Board of Control is recommending to continue with Hyas, LLC for financial advisory services for the County's Deferred Compensation 457, 401(a) and Obra retirement plans. In 2015, the Board completed an RFP for these services and selected Hyas Group, LLC. The Deferred Compensation Board believes it is in the best interest of its participants to continue with Hyas Group who specializes in these services and has provided consistent services to the Board and the County employees and retirees within the plan. The knowledge and experience with the County's plan and the County's recordkeeper has been a great benefit to the plan and the Board's implementation of its fiduciary duties.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it currently budgeted?
Yes
Is it Mandatory or Discretionary?
Discretionary
Discretionary Justification:
The Deferred Compensation Plan receives revenue share from the plan to cover administrative costs. These funds are restricted to administering and maintaining the employee plan and are held in Division 2190.
Is the general fund affected?
No
Future fiscal impact:
None
Consequences if not approved:
The Deferred Compensation committee would not have the expertise or resources for making the best prudent choices for record keeping services for employees' 457, 401(a),and Obra retirement plans.
County Strategic Plan pillar addressed:
Effective and Open Government
ENVIRONMENTAL IMPACT
ENVIRONMENTAL DETERMINATION: The proposed acti...
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