Historically, Prince George’s County administered its deferred compensation plans through multiple providers, which resulted in fragmented participant experiences, paper-heavy processes, and administrative inefficiencies. Following a thorough RFP process, the County made a strategic decision to consolidate from two recordkeepers to a single provider. In 2024, the plan completed the implementation of key enhancements identified during its initial evaluation.
These improvements included a streamlined, cost-effective investment lineup that replaced underperforming funds and a more transparent, participant-friendly fee structure. The plan also introduced Roth contributions to offer flexible, tax-efficient savings options. Outdated paper-based processes for enrollment, deferrals, and contribution changes were eliminated, overcoming previous HRIS limitations that restricted deferrals to fixed dollar amounts by adding a percentage-based deferral option. Participants gained greater control over their investments through the addition of a self-directed brokerage account, along with access to fiduciary advice and one-on-one consultations with Certified Financial Planners.
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- August 10, 2025 Create Date
- January 15, 2026 Last Updated
