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Jefferson County renews CapTrust advisory contract for 457 retirement plan
Summary
Commissioners approved a three-year renewal with Cap Financial Partners (CapTrust) to continue advisory services for the county's 457 retirement plan at $55,000 per year; staff said the arrangement consolidated plans, saved employees "over $400,000" in fees and helped grow plan assets by about $8 million.
Jefferson County commissioners voted to renew a three-year advisory contract with Cap Financial Partners (CapTrust) to continue managing the county's 457 retirement plan at $55,000 per year.
County staff and a presenter from human resources told commissioners that CapTrust was engaged in 2023 to provide fiduciary oversight and consolidate multiple payroll-deducted plans into one. The presenter said the work reduced fees for employees, which "saved our employees in that span of time, over $400,000 in fees," and that plan assets have increased by about $8 million since the contract began.
The presenter described CapTrust's role as assisting the county with its fiduciary responsibilities, negotiating lower participant fees with the plan recordkeeper (Nationwide), and standardizing account maintenance fees across funds. Commissioners confirmed the contract will be funded from the HR budget, which is already appropriated.
Commissioner Scales moved the renewal and it was seconded and approved by voice vote. The county will continue the relationship for three years under the renewed terms; the agreement is intended to maintain oversight of investments and to preserve fee savings achieved through consolidation.
No formal vote tally was recorded in the transcript beyond a voice "aye"; the renewal passed during the regular meeting.
The renewal will take effect under the county's procurement and HR procedures and is funded from the HR budget; the commission did not identify additional conditions or reporting requirements in the discussion recorded at the meeting.
