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Board approves notice of intent to award retirement investment advisory contract to RVK
Summary
The board approved a notice of intent to award a contract shifting the county's retirement fund advisory services to RVK, with an initial fee of $70,000 locked for two years and a July 1 start date if protested and executed per schedule.
The Tillamook County Board of Commissioners approved May 14 a notice of intent to award a contract to RVK for fund advisory and investment administration services related to the county's defined benefit retirement plan.
Rachel Hegarty, the county's chief administrative officer, told the board the county solicited proposals after deciding new employees would enter the state's PERS system beginning Jan. 1, 2025 and that the existing defined benefit plan is closed to new employees. She said the county currently has multiple firms providing retirement services (Principal Financial Group as plan administrator and custodian; Retirement Consulting Group as fund advisor; actuary and legal counsel named), and staff recommended moving the fund advisor and investment-administration role from Retirement Consulting Group to RVK after a review process.
Hegarty said the proposed contract contemplates a five-year initial term with two optional one-year extensions, an initial fee of $70,000 locked for two years and annual increases tied to the greater of 3% or the 12-month Consumer Price Index change (capped at 5%). The start date would follow a termination notice to the incumbent and, if the board approves a contract at the May 28 meeting, the effective service start would be July 1. Commissioners approved the notice of intent to award by voice vote; staff will begin the protest period per procurement rules.
