The Tillamook County Board of Commissioners voted May 28 to enter a service agreement with RVK (transcribed as RBK/RFK in the meeting) to provide retirement system fund advisory and administration services, replacing the incumbent advisor effective July 1.

Chief Administrative Officer Rachel Hegarty said the board previously approved a notice of intent to award following a full request-for-proposals process. RVK will serve as the fund advisor and administrator for the county’s retirement investment portfolio; Principal Financial Group will remain plan administrator and custodian, Milliman will remain the actuary, and Herschner Hunter will serve as legal counsel. Hegarty said RVK’s approach emphasizes timed, individualized investment planning tied to projected retirements.

Several commissioners expressed concern at the meeting about switching advisors after decades of incumbent service. One commissioner said the county’s retirement fund—described during the meeting as approximately $100 million—represents a weighty fiduciary responsibility and said he was "nervous" about changing. Hegarty and staff described a competitive RFP process and an interview panel that included former Commissioner Doug Olson and members of county staff and consultants; the panel recommended RVK.

After discussion, Commissioner Forney moved to approve the service agreement and a second was given; the motion passed. The meeting recorded a lone opposing vote. Hegarty said the new advisor’s services would begin July 1 and staff would notify the incumbent advisor.