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Board reviews Q4 2025 plan performance and weighs switch to lower-cost target-date CITs
Summary
Fiduciary Consulting Group presented the fourth-quarter performance review and noted a possible conversion of target-date funds from mutual funds (0.33%) to collective investment trusts (0.25%), estimating roughly $16,000 in annual savings; the board tabled further action pending contract/authority review.
Fiduciary Consulting Group consultant Vincent Galindo presented the board with the fourth-quarter performance review for the Napa County 457(b), 401(a) and PST plans, covering performance through Dec. 31, 2025. Galindo described market conditions, the current fund lineup and a scenario to convert the plans’ target-date funds from mutual funds (current annual expense ~0.33%) to collective investment trusts (CITs) with an estimated annual expense of 0.25%.
Galindo said the switch could reduce annual fees by about $16,000 but cautioned that moving to CITs would change FCG’s discretionary authority and would require amending the contract. He added that the performance difference between the mutual fund versions and the CITs was not meaningful at this time. Given those trade-offs, the board decided to table further discussion and take no immediate action.
