Allen County approves retirement investment changes to lower plan costs for employees
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Summary
The Board of Commissioners approved an investment lineup change with Lincoln Financial Group that removes revenue sharing and moves several funds to lower-cost share classes, county HR said, aiming to reduce costs for plan participants.
Allen County commissioners on May 16 approved an investment change request with Lincoln Financial Group that county human resources said will remove fund revenue sharing and move multiple funds to lower-cost share classes to reduce costs for plan participants.
Gary David, benefit manager in the Allen County Human Resources Department, told commissioners the review of the 2024 plan year showed several funds carrying revenue sharing embedded in their expense ratios and that removing or shifting that revenue sharing will lower fund costs for employees and the overall plan. He said the plans will continue to offer 24 investment options and lifecycle target-date portfolios and that 10 current investments will remain unchanged.
David said 13 investments will shift to a lower-cost share class of the same fund and one fund, the Fidelity Contra Fund, will be replaced with a JPMorgan large-cap growth option. He said any future revenue generated by funds will be credited back to participants in that fund.
Commissioners moved and seconded approval of the request; the motion carried.
The change was presented as a plan-design and administrative action by county HR rather than a legislative policy change. David said the goal is greater transparency and alignment between participant outcomes and plan selection. He framed the action as an immediate administrative step that reduces participant costs rather than a change to participant benefits.