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Board reviews lower-cost share classes and Empower quarterly report; declines immediate conversion

NAPA COUNTY DEFERRED COMPENSATION BOARD of CONTROL · February 19, 2026
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Summary

FCG presented an Investment Vehicle Review that estimated about $10,000 in annual savings from converting two funds to CIT share classes, but the board declined to switch because of limited track records; Empower presented the Q4 plan summary (informational).

Fiduciary Consulting Group presented an Investment Vehicle Review evaluating conversion of two funds to lower-cost collective investment trust share classes. FCG estimated roughly $10,000 in aggregate annual savings across the two funds but concluded the CITs lacked sufficient track record and compelling performance to justify conversion now; the board elected not to change share classes and instructed FCG to monitor for potential future savings.

Separately, Eric Leavitt of Empower gave the board the fourth-quarter plan summary report (ending Dec. 31, 2025). The Empower presentation was informational and required no board action at this meeting.

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