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Mono County supervisors deadlock on hiring Morgan Stanley fiduciary; motion fails
Summary
After a lengthy presentation and debate, the board voted on a proposal to hire a fiduciary consulting firm affiliated with Morgan Stanley for the county’s 457 and 401(a) plans; the motion failed (reported tally: 4 yes, 2 no, 1 abstention). Supporters said the consultant would help form a governance committee and investment policy documents; opponents cited process and cost concerns.
HR Director Steve Rose and Vincent Galindo of Fiduciary Consulting Group (partnered with Morgan Stanley) presented a proposal for an independent fiduciary to serve Mono County’s 457 and 401(a) retirement plans at a $25,000 annual retainer (first year to be funded by a county appropriation transfer request; subsequent years to be paid from an existing 8 basis‑point participant fee).
Galindo desc…
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