Title
Discussion regarding contracting for a Lake County’s Investment Management/ Financial Advisor for retirement plan consulting services.
Staff Summary
• Lake County offers a 457(b), tax-exempt savings benefit/deferred compensation plan, to its employees. The County contracts with Nationwide as its vendor.
• Nationwide has informed the County that its assets in the 457(b) have reached a point where Lake County is no longer eligible for Nationwide to provide automatic fund options from which employees to choose.
• Lake County needs to create an Investment Policy Statement (IPS), committing its Plan governance to a written, disciplined investment-decision process as the first line of protection against potential fiduciary liability.