Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Managed Accounts topic
No spam. Unsubscribe anytime.
Board approves participant-paid managed account option; recordkeeper fee reduced
Summary
The board approved adding an optional, participant-paid managed account feature to the plans (opt-in, cancellable), a change that reduces the recordkeeper fee from 8 to 7 basis points; motion passed 3-0-1 with one abstention.
County Counsel Susie Altman reviewed an amendment to the Empower contract to permit a managed account feature that provides participants with discretionary investment management and advice for a fee borne solely by participants. Altman reported no legal issues and referenced reviews of other counties that offer the service.
The board approved adding the managed-account feature on a motion by Bob Minahen, seconded by Sheryl Bratton; Abe Gardner recorded an abstention and the motion passed 3-0-1. The minutes note the change reduces the overall recordkeeper fee from 8 basis points to 7 basis points for all plan participants, and that there is no additional setup cost to the County; enrollment is voluntary and cancellable without penalty.
