Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Retirement Plans topic
No spam. Unsubscribe anytime.
County approves Creative Planning for 457 plan; members debate whether employer should pay $54,000 fee
Summary
The finance committee voted to award 457 plan services to Creative Planning LLC; members questioned a $54,000 fee and staff said historically plan participants — not the county — have borne the cost, and that staff will examine whether employer payment is warranted in future renewals.
The finance committee on May 26 approved awarding 457 deferred-compensation plan services to Creative Planning Holdco LLC (dba Creative Planning LLC) for Aug. 1, 2026–July 31, 2027, following the county’s RFP process.
Vice Chair Cahill moved FIR 8526 to award the plan-related services, which committee materials list with a fee of $54,000. Member Krajewski questioned whether the board should consider shifting some or all of that fee to the county rather than charging plan participants. "I think we should pay for it," Krajewski said during discussion.
A county staff representative responded that historically participants have paid for the 457 plan fee but said staff will examine the allocation method and whether an employer contribution could be included in the next renewal or the 2027 budget. The committee approved the awarding resolution by voice vote.
Why it matters: The allocation of plan administration fees affects county employees’ retirement savings and take-home pay. A change in who pays the fee would alter employer costs and participants' net returns.
What’s next: Staff will confirm how the fee is allocated among participants and whether an employer contribution is feasible; the finance committee noted that any change would require consideration during renewal negotiations or the next budget cycle.
