Solano County Deferred Compensation Plan, Fairfield, Calif., extended the contracts of record keepers ICMA-RC and Nationwide Retirement Solutions, said a presentation to the county’s board of supervisors.
The $133 million 457 plan also is terminating its participation in the program administered by the $290.7 billion California Public Employees’ Retirement System, Sacramento, effective April 10. The record keeper for that program is Voya Retirement Services.
The presentation did not specify the reasons for the termination, but noted some of the limitations of CalPERS were “no ability to amend investment portfolio … higher costs than ICMA-RC and Nationwide,” and “less robust services.” Participants will be able to transfer their accounts to ICMA-RC and Nationwide.
Nancy Huston, assistant county administrator and member of the deferred compensation plan advisory committee, could not be immediately reached to provide further information.