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Grayson County to move employee retirement accounts from Nationwide to Lincoln Financial; temporary pause for changes
Summary
County presenters told commissioners the county will transition its employee retirement platform from Nationwide to Lincoln Financial, citing a negotiated fee reduction and resolution of a Nationwide ‘‘put’’ option; employees must submit any withdrawals or changes by the end of the day or wait until a pause ends no later than June 8.
Grayson County Commissioners Court was told that the county will transition its employee retirement plan platform from Nationwide to Lincoln Financial, with a temporary pause on account changes that could last through June 8.
Brad, a county presenter, said employees received notification last Thursday and that the county concluded late negotiations with Lincoln Financial and Nationwide to lower fees and resolve a Nationwide “put option” on the fixed retirement account. He said participants who want to make a change or withdrawal must do so by the end of the day, otherwise they will need to wait until the temporary pause ends, “at the latest, June 8.”
The presenter described the change as largely seamless for participants and said all account balances will move to Lincoln rather than remaining with Nationwide. He said plan fees will drop from 0.35% to 0.05% on the platform — an 85% reduction — and that Lincoln offers a mobile app and one-on-one virtual assistance. He also said Lincoln allows access to a wider range of investments, which the presenter said should lower investment costs for participants.
The presenter acknowledged county staff by name — Suzette, Kelly, Jody and Gala — and thanked them for their work on the transition. Commissioners also offered public thanks during comments, with one commissioner calling the last-minute negotiations a “challenge” that county staff and partners had completed.
The presenter invited employees with questions to email bradm@srpretired.com. No formal action or vote was recorded on the retirement-platform transition; the item was presented as an announcement.
The presentation and commissioners’ remarks focused on operational details (timing, account migration, fees and user support) rather than changes to benefits design or county policy.
Commissioners who spoke during the meeting included Commissioner Wright, Commissioner Marsh, Commissioner Marr, Commissioner Arthur and Commissioner Hardenberg. The presenter identified himself only as “Brad” in the record.
