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Grayson County ratifies retirement-plan paperwork as assets transfer from Nationwide to Lincoln
Summary
Commissioners ratified revised plan documents for Grayson County retirement plans and heard an update that participant accounts transferred from Nationwide to Lincoln, with an administrative pause until June 8 while Lincoln audits balances and establishes payroll/loan processes.
Grayson County Commissioners on a routine vote ratified revised plan documents for the county's retirement plans and received an update on an administrative transfer of assets from Nationwide to Lincoln.
County officials ratified the prior approval of revised plan documents for the Grayson County 457(b) and 401(a) retirement plans and directed the paperwork be submitted to the minutes. The ratification followed an update from Bridal Morgan, who described the transfer and a short administrative pause while Lincoln completes audits.
"The assets on Wednesday transferred from Nationwide to Lincoln," Bridal Morgan said. "Lincoln will start auditing those assets to make sure your balance went from Nationwide to Lincoln, it was accurate, your contributions stayed where they need to be, and then how you had invested will be mapped accurately to how you had invested Nationwide to the new funds at Lincoln." Morgan added that payroll and loan setups remain part of the migration and that participant access will be paused until June 8 while Lincoln completes its setup.
Commissioner Wright moved to ratify the revised plan documents; Commissioner Marr seconded the motion. The court voted to approve the ratification by voice vote.
The county did not take any additional substantive action on the retirement plans at the meeting; Morgan said staff continued to coordinate payroll and loan-account setup with Lincoln and that participants should expect the short access pause while auditing and mappings are completed.
The ratification places the signed documents on record and formalizes the county's administrative step to complete the record of the transfer.
Provenance: the discussion and ratification appear in the meeting transcript where Bridal Morgan explains the asset transfer and the vote to ratify the revised plan documents.
