Torrington — City trustees and finance staff updated the council on an upcoming change in retirement plan administration: Fiduciant (the city's investment advisor) is combining with four other advisory firms under National Financial Partners (NFP) and will rebrand to WealthSpire. Dan Farley said the change will not alter the local service team and that no immediate changes to fees or service are expected.

Farley also relayed a notice from Principal, the retirement plans’ custodian, that beginning Jan. 1, 2026, trade execution and cash movement requests will be submitted through principal.com. Principal indicated it may charge a $100 fee for transactions not submitted through the online system; trustees discussed whether to continue the current manual process or shift to the online workflow. Trustees asked whether the advisory relationship should be put out to RFP; Farley said the city has been with the advisor for several years and that staff can pursue an RFP if council or trustees request it.

Council and trustees voiced interest in the efficiency of the online system but also noted the importance of ensuring consistent service and reasonable fees.