403-457B Advisory & Consulting Services

This contract awards Fauquier County Government & Public Schools a single‑vendor advisory and consulting services agreement for its 403(b) and 457(b) retirement plans. The contractor will conduct plan reviews, benchmark against the Virginia Retirement System, develop communication materials, draft/amend plan documents, provide legislative impact analyses, attend quarterly meetings, and support future record‑keeper RFPs. Fees are structured as an all‑inclusive annual fiduciary service fee of $37,500 (non‑discretionary) or $47,500 (discretionary), with a 2 % annual escalation beginning in 2027. The agreement runs from November 1 2024 through October 31 2027, with up to five one‑year renewal options, the first already executed. The County pays the fees from its budget, not directly from plan assets. The vendor, CAPTRUST, brings extensive experience advising public‑sector retirement plans and will also optionally provide employee financial‑wellness programming.