Title
Treasurer-Tax Collector's Office recommending the Board: 1) Make findings in accordance with Board of Supervisors Policy C-17 - Procurement, section 3.4.3 that competitive bidding is not required for continued use of specialized 457 deferred compensation plans consulting services; and
2) Approve and authorize the Chair to sign the First Amendment to Agreement for Services 7796 with Morgan Stanley Domestic Holdings LLC, DBA Hyas Group, to provide consulting services for a term of three years in an amount not-to-exceed $130,000.
FUNDING: General Fund.
Body
DISCUSSION / BACKGROUND
In 2023, the Hyas Group was contracted for one year, to provide consulting services pertaining to County's 457 deferred compensation plans and agreements, including plan performance review and monitoring. This amendment will extend the contract for three-years and increase the not-to-exceed amount to $130,000, to continue their work in evaluating the 457 deferred compensation plans and agreements and providing consulting services to the County. Due to the relationship already developed and initiatives already in process with this vendor it would not be cost effective to pursue a competitive process that may result in a new vendor.
ALTERNATIVES
The BOS could choose not to approve the Amendment. This would leave the County without an expert on deferred compensation plan agreements and plan administration.
PRIOR BOARD ACTION
N/A
OTHER DEPARTMENT / AGENCY INVOLVEMENT
County Counsel
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
No change to Net County Cost. The cost for this contract for FY 2024-25 is included in the Recom...
Click here for full text