Pueblo County hires consultant to review and manage deferred compensation plans

The Pueblo County Board of County Commissioners on Feb. 27 approved a professional services agreement with Springs Wealth Group for assistance in administering the county’s deferred compensation (457) plans.

Director Cresswell told commissioners the county currently lacks a dedicated plan administrator and has relied on vendors to manage plan operations. The agreement with Springs Wealth Group, selected through a request-for-proposal process, will provide fiduciary review, help conduct future vendor RFPs and train a county staff member to serve as plan administrator.

"Deferred compensation 4 57 is a plan that is processed through our county payroll in order to allow our employees to make contributions on a pretax basis," Director Cresswell said. She said the consultant’s work will help ensure employees “are getting the most bang for their buck, that the fees are appropriate, the investments they made are sound."

Andy Inman of Springs Wealth Group said the firm has a local office in Pueblo and will perform fiduciary audits and education for the county’s retirement plan. "We've got a dedicated retirement team. So we've come along the the side of multiple municipalities ... to provide not only education, but also make sure that there is a fiduciary audit of the plan on a regular basis," Inman said.

Cresswell said a preliminary review has already identified savings and that the county will form an investment committee to review funds. The board approved item 2c on a voice vote.

Why it matters: the consultant engagement is intended to strengthen fiduciary oversight of the county’s 457 deferred compensation plans, review fee structures, and support staff capacity-building for plan administration.

What’s next: Springs Wealth Group will work with county staff to train an administrator, participate in vendor RFPs, and help establish an investment committee to review the plan’s investments.