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County hears proposal for free fiduciary audit of its retirement plan; commissioners direct coordination with investment committee
Summary
Soltis Investment Advisors offered a no‑charge fiduciary 'audit' of the county retirement plan to benchmark fees and governance ahead of a planned recordkeeper RFP; commissioners and staff asked the investment committee to review the offer and coordinate timing to avoid procurement conflicts.
Representatives of Soltis Investment Advisors—Brent Moore, Tyler Finlinson and Bill Wallace—presented a proposal for a fiduciary audit (a plan review) of Utah County’s retirement plan. The presenters described the review as an independent assessment of plan documents, investment options, committee charters and fees; they said their firm performs the review without charge and will not serve as recordkeeper unless engaged separately.
Bill Wallace described investment‑related parts of the review: checking that offered funds are appropriate for participants at different career stages, benchmarking fees and assessing plan expense and outcome measures. The presenters said the review typically takes a couple of weeks after recordkeeper authorization to supply plan data and that they would sign a nondisclosure agreement covering participant privacy.
Commissioners and staff raised procurement concerns because the county is preparing an RFP for recordkeeping (Prudential). They discussed whether audit findings could advantage one bidder and whether current advisers (NFP, Prudential) should be excluded from participation. Investment committee members present recommended caution and asked that the committee be involved; the commission noted an investment committee meeting scheduled for Feb. 13 and recommended coordinating with that schedule.
No formal procurement decision was made at the meeting. Commissioners asked the investment committee to review the audit offer and discuss how any audit should be used in the RFP process and vendor selection.
What’s next: Investment committee to consider Soltis’s audit offer and advise commissioners; staff will coordinate timing with the planned RFP.
