Agenda 04/14/2026 Item #16E1 (Amendments to the Administrative Service Agreements for the IRS Plan 457 deferred compensation plans with Nationwide and MissionSquare)4/14/2026
Item # 16.E.1
ID# 2026-718
Executive Summary
Recommendation to approve amendments to the Administrative Service Agreements for the IRS Plan 457 deferred
compensation plans with Nationwide and MissionSquare, providing for continued open architecture investment platform
and lower recordkeeping administrative fees benefiting the individual Collier County retirement plan investor.
OBJECTIVE: Approve amendments to the Administrative Service Agreements for the County’s 457 deferred
compensation providers.
CONSIDERATIONS: Collier County is an IRS 457(b) Plan provider and has offered County Manager Agency
employees a choice of recordkeeper investment options through Nationwide and MissionSquare (formerly ICMA-RC)
for many years. The County retains the services of OneDigital Investment Advisors LLC, a national firm representing
numerous Florida municipalities, to act as an investment fiduciary and retirement plan consultant representing the
County and providing advice and counsel on matters pertaining to qualified retirement plan investments and qualified
retirement plan operations. In general terms, fiduciaries are in a position of trust with respect to participants and
beneficiaries of the plans with responsibilities including acting solely in the interest of the participants and beneficiaries;
acting for the exclusive purpose of providing benefits to employees participating in the plan and their beneficiaries and
defraying reasonable expenses of the plan; carrying out duties with the care, skill, prudence and diligence of a prudent
person familiar with the matters; following the plan documents; and diversifying plan investments.
In the retirement investment arena, the last few years have seen an increased level of scrutiny of municipal/government
and not-for-profit entities to ensure there is an appropriate level of fiduciary oversight for retirement plan administration,
particularly in the area of retirement plan investments and fees. The U.S. Department of Labor has been clear and
advised that an important fiduciary responsibility is “understanding and evaluating plan fees and expenses associated
with plan investments, investment options, and services”. The County’s continued engagement with a consultant and
investment fiduciary for evaluation of various deferred compensation retirement plan provisions, including fees and
expenses, provides a record of action by the County consistent with current deferred compensation best practices for
municipal/government and not-for-profit entities. This regular review of plan provisions also allows the organization to
update and restate plan provisions to ensure alignment with recent legislative changes.
Current assets under management (AUM) between Nationwide and MissionSquare for County participants is shown in
the table below.
December 31, 2025 Plan Assets Participant Count
Nationwide $61,762,481.00 955
MissionSquare $41,209,690.00 854
Both Nationwide and MissionSquare have met the following minimum standards:
• At least 1 billion in assets under management from a minimum of twenty (20) distinct governmental plan
sponsors
• Support of open architecture investment platforms
• No deferred sales charges or contract termination penalties
• Contract termination for convenience
• Utilization of plan sponsor directed group contracts versus individual contracts
Recent negotiations with Nationwide and MissionSquare have produced offers for lower administrative fees, which are
highlighted in the following matrix:
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4/14/2026
Item # 16.E.1
ID# 2026-718
Administrative fee reductions were offered, which will result in savings amounts from 50% to 68% by the deferred
compensation recordkeepers, translating into reduced fees to individual investment participants. Those nearing retirement
and seeking to cash out their 457 Plan investments and roll those assets into another qualified plan for purposes of
retirement income can do so without restriction, including those investment proceeds that are invested in capital
preservation options.
Both agreements continue in effect unless either party elects to terminate in accordance with the notice provisions.
This item is consistent with the Collier County Strategic Plan objective of responsible governance by promoting data-
driven decision-making through continuous improvement and measurable results.
FISCAL IMPACT: There is no fiscal impact to the County with the adoption of these changes; these updates positively
benefit the employees who are plan participants. While the actual fees paid by plan participants vary by investment type,
assuming a $100,000 investment portfolio, annual average fees paid in the Nationwide fund groupings will drop from
$90 to $29. Likewise, fees paid on the same $100,000 portfolio in the MissionSquare fund grouping will drop from $129
to $65.
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this action.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote for approval. –
CMG
RECOMMENDATION(S): To approve amendments to the Administrative Service Agreements for the 457 Plans with
Nationwide and MissionSquare and authorize the Chairman, County Manager, and/or County Attorney as appropriate to
execute all applicable documents.
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4/14/2026
Item # 16.E.1
ID# 2026-718
PREPARED BY: Amy Lyberg, Human Resources Division Director, Corporate Business Operations
ATTACHMENTS:
1. Recordkeeper Providers Fee Renegotiation Summary
2. Collier County BOCC-Nationwide First Amendment ASA
3. Collier County BOCC-MissionSquare Second Amendment ASA
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‹#›
Recordkeeper
Providers Fee
Renegotiation
Summary
February 19, 2026
Investment advisory services offered through
OneDigital Investment Advisors LLC.
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Recordkeeper New Fee Offers
Provider fee offers assume continued use of their proprietary capital preservation investments and managed account services. The fee information has been taken directly
from material prepared by each provider. Final pricing, services, and contractual provisions are at the sole discretion of each plan provider.
Plan Assets & Participant Account data as of 12/31/2025 unless otherwise noted. The data for each plan comes directly from each service provider. Best efforts were made
to obtain and present accurate information, but OneDigital does not warrant the accuracy or completeness of the information. Final pricing, services, and contractual
provisions are at the sole discretion of each service provider, are subject to change, and cannot be guaranteed now or in the future.
MissionSquare Nationwide
Total Plan Assets (12/31/20)$29,320,893 38%$47,050,931 62%
Total Plan Assets (12/31/25)$41,209,690 40%$61,762,481 60%
Asset Increase $11,888,797 41%$14,711,550 31%
Participants Accounts (12/31/25)854 47%955 53%
Average Account Balance (12/31/25)$48,255 $64,673
Capital Preservation Investment MissionSquare PLUS R10 Nationwide Fixed Account
Capital Preservation Assets (12/31/25)$5,744,454 14%$14,435,141 23%
Managed Accounts Morningstar Retirement Manager Nationwide ProAccount
Managed Account Assets (12/31/25)$3,705,365 9%$15,383,675 25%
Current Fee 0.129%0.090%
Estimated Annual $ (12/31/20)$37,824 $42,346
Estimated Annual $ (12/31/25)$53,161 $55,586
New Fee Offer 0.065%0.029%
Estimated Annual $ (12/31/25)$26,786 $17,911
Estimated Annual $ Savings $26,374 50%$37,675 68%
Investment advisory services offered through OneDigital Investment Advisors LLC.
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MissionSquare Nationwide
Investment MissionSquare PLUS Fund Nationwide Fixed Account
Type Synthetic Stable Value General Account GIC Fixed Return
Crediting Rate 1 Current: 3.14% (30-day yield 12/31/25)Current: 2.00%
Enhanced 1st 12 months: 3.00%
Market to Book Value 96.84% (as of 12/31/25)92.08% (as of 6/30/25)
Termination Provisions Book value with 12-month put Immediate subject to MVA (market
value adjustment) or book value via 5-
year installment payout
Competing Option
Allowed
Yes Yes
Benefit Sensitive Yes Yes
1.Nationwide is providing an enhanced rate for their Nationwide Fixed Account for the first 12 months.
Best efforts were made to obtain and present accurate information, but OneDigital does not warrant the accuracy or completeness of the information. Final pricing, services,
and contractual provisions are at the sole discretion of each service provider, are subject to change, and cannot be guaranteed now or in the future.
Capital Preservation Investment Comparison
Investment advisory services offered through OneDigital Investment Advisors LLC.
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Investment advisory services offered through OneDigital Investment Advisors LLC.
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MissionSquare Nationwide
Managed Account Program Managed by Morningstar Nationwide ProAccount
Technology Provider Morningstar Wilshire
3(38) Investment Fiduciary –
Participant Allocations
Morningstar Nationwide Investment Advisors
Asset Base Fee First $100k – 0.50%
Next $200k – 0.40%
Next $200k – 0.30%
Over $500k – 0.20%
First $100k – 0.55%
Next $150k – 0.50%
Next $150k – 0.45%
Next $100k – 0.40%
Over $500k – 0.35%
Individual Data Points
Utilized for Allocation
Customization without
Participant Input
Minimum 4 based on County
employee data provided to
MissionSquare
2 - Age & participant required to
complete initial risk assessment
Unique Portfolio Models
Utilized
589 42
Best efforts were made to obtain and present accurate information, but OneDigital does not warrant the accuracy or completeness of the information. Final pricing, services,
and contractual provisions are at the sole discretion of each service provider, are subject to change, and cannot be guaranteed now or in the future.
Managed Account Option Comparison
Investment advisory services offered through OneDigital Investment Advisors LLC.
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Participant Advice Continuum
Participant investment solutions have evolved over the last 20 years. The trend: More customized services
applying the best of what we have learned in behavioral finance plus increased individual participant data
availability without participant engagement.
Self-Selection Target -Risk Fund Target -Date Fund Managed Account
Advice based on separate fund or investment goals Advice based on holistic
view of participant
Professionally personalized
Investment advisory services offered through
OneDigital Investment Advisors LLC.Page 2383 of 3203
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