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Committee reviews MVA accounting and approves Fee and Expense Policy with $50,000 reserve cap
Summary
Members reviewed Nationwide's MVA accounting showing a $143,069 original adjustment (with $76,450 collected and $66,619 remaining as of end-2025) and approved a revised Fee and Expense Policy that sets a committee reserve not to exceed $50,000.
The Butte County 457 Deferred Compensation Committee reviewed Nationwide's market value adjustment (MVA) accounting for the plan's fixed account and approved a revised Fee and Expense Policy at its Feb. 5 meeting.
Nationwide told the committee that the MVA applied in 2019 totaled $143,069 as part of the plan's ten-year contract. As of the end of 2025, approximately $76,450 had been paid toward that amount and about $66,619 remained outstanding. Nationwide projected that $111,116 will have been paid to Nationwide once the contract comes due, leaving an estimated $31,953 still owed under the original MVA calculation. Committee members asked whether the county would be required to go back out for a Request for Proposal (RFP) or Request for Information (RFI) in 2027; the minutes record that General Services will make that decision.
Separately, the committee reviewed a draft Fee and Expense Policy for committee expenses and approved recommended edits. Key changes recorded in the minutes include removal of "dedicated staff compensation" from the Plan-Related Administrative Expenses section; replacing "trust account" language with "reserve account" in the Excess Revenue section; and an Allocation of Excess Revenue provision establishing that "The committee shall establish a reserve not to exceed $50,000." Sheri Waters moved to approve the Fee and Expense Policy with the recommended changes, Troy Kidd seconded, and the motion was approved.
The committee recorded no public comments and no further questions during the open discussion. The minutes do not include roll-call tallies for the motions; they are recorded as "Motion approved."
