Burbank, Calif., hired Hyas Group as investment consultant for its 457(b) deferred compensation plan, pending City Council approval, confirmed Carrie Matson, deputy financial services director.
The city's retirement plan committee selected Hyas Group last week. Ms. Matson said the City Council will vote on the hiring decision at the end of the summer following its current hiatus.
Hyas Group replaces Aon Hewitt, which was a finalist.
An RFP was issued in February. The 457 plan has about $121 million in assets. ICMA-RC is the current provider.