Commission approves switch of employee retirement record‑keeper to Lincoln Financial; staff to hold employee outreach

The Sanford City Commission approved an item Aug. 25 to change the city’s retirement/record‑keeping provider to Lincoln Financial (from CoreBridge/Valic/ICMA lineage), a move staff said will lower recordkeeping costs charged to employees.

HR staff told commissioners the vendor selection followed procurement and that the change is intended to reduce employee fees. The vendor change will include group meetings for employees and one‑on‑one appointments with Lincoln Financial representatives after implementation so employees can review investment choices and any temporary “blackout” period for plan transactions during the vendor transition.

Commissioners asked how employees would be notified; staff said an initial mail notice went out about three weeks earlier and that further group sessions and individualized counseling will be available. Commissioners also noted the city has changed recordkeepers multiple times in recent years (ICMA → Valic → CoreBridge/Valic → Lincoln) and requested clear employee communications about the change and any transitional limits on transfers or distributions.

Ending: Staff said the change is intended to save employees on fees and that outreach and one‑on‑one meetings will be scheduled to help employees understand the new platform and any timing constraints during transition.