Commissioners hire retirement plan advisor to review 457 plans; annual cost $27,500

Hunterdon County commissioners voted June 17 to authorize the director and deputy director to sign an advisory and consulting agreement with Marsh McLennan Agency to provide retirement plan advisory services for the county's voluntary 457 plans.

Administrator Meyer told the board the consultants will review plan investments, monitor fees and help establish governance documents to ensure ERISA compliance. Meyer said similar arrangements are used by neighboring counties and that the county does not currently have this outside oversight. "The annual cost is $27,500. It's paid through the plan, and they guarantee up to a 50% reduction overall fees and cost that the employees are paying into these financial houses," Meyer said.

The services are intended to help ensure appropriate investment fees, confirm investment performance and enhance employee education about plan options with the county's current record keepers (Nationwide and AXA advisors, as referenced in the discussion).

Commissioners approved the contract by roll call. Meyer said the arrangement is a best practice adopted by other counties and will provide an outside governance function and employee support services; the county will return results and any material changes to the board for further action.

No specific vendor performance guarantees beyond fee‑reduction illustrations were included in the public discussion. The contract is funded through plan assets and administration; the board indicated the decision was intended to protect plan participants and lower fees over time.