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County adds managed investment and lifetime-income options to 457(b) deferred-comp plan
Summary
Blackhawk County supervisors approved a suite of changes to the county's 457(b) deferred-compensation plan, including switching fiduciary services, adding a managed Nationwide Pro account and an 'Income for Life' option, and authorizing administrative signatories.
Blackhawk County supervisors on Aug. 26 approved several updates to the county's 457(b) deferred-compensation plan that give employees more investment choices and shift fiduciary services to an outside manager.
The board voted to replace Morningstar Associates LLC with Creative Planning as the plan fiduciary services provider, add a managed Nationwide Pro account as an optional investment, add Income America's 'Income for Life' target-date option, enable a dynamic default feature for participants who do not select funds, and authorize staff signatories to execute plan documents.
Why it matters: county officials said the changes are intended to offer lower fees, more personalized investment management for…
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