Santa Clara Valley Water District taps Innovest for 457 plan review

Santa Clara Valley Water District, San Jose, Calif., hired Innovest Portfolio Solutions to conduct a review of the district's deferred compensation plan, said Charlene Sun, treasury/debt officer for the district.

Innovest will perform a fee-benchmarking study to determine whether the fees paid by the $113 million plan are competitive, Ms. Sun said in an interview. Innovest will also report on the investment services of the plan's two providers — Nationwide Retirement Solutions and the $298.4 billion California Public Employees' Retirement System, Sacramento, which subcontracts the recordkeeping services to Voya Financial.

Ms. Sun said plan executives are happy with the services provided by Nationwide and CalPERS. “We wanted to see how competitive they are in price and breadth of services,” she said.

Ms. Sun said the Innovest study should be completed by the end of the year. If the deferred compensation plan decides to change one or both service providers, “Innovest will help us with issuing the RFP and evaluation/selection of the new providers,” Ms. Sun said. She added the plan hadn't conducted a service provider search in more than 10 years.