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Williamson County approves switch to National Life Group for volunteer Length of Service Award program
Summary
The Williamson County Commission approved Resolution 22616 to move the Length of Service Award program's annuity from Hartford Life Insurance to National Life Group, citing a higher crediting rate (about 4.25% vs. roughly 3%) and an estimated $1.7 million difference in required funding over 12 years; VFIS will continue plan administration.
The Williamson County Commission voted to approve Resolution 22616 authorizing a change in the annuity provider for the county's volunteer Length of Service Award program, shifting the contract from Hartford Life Insurance to National Life Group.
County presenters said the change was sought to secure a higher crediting rate for the annuity contract. A presenter identified in the transcript as Speaker 2 said National Life is set at about 4.25 percent while Hartford's legacy rate has been about 3 percent since 2024, and estimated that, over 12 years, the difference in crediting rates could translate into roughly $1.7 million in additional funding the county would otherwise need to keep annuity balances whole. The presenter also said the program pays approximately $300,000 a year in benefits and that the annuities are vested.
The presenter cited insurer ratings and due diligence. According to Speaker 2, the new company's ratings are strong: Standard & Poor's "A," AM Best "A+," and Moody's "A1." When a commissioner asked whether participants would experience disruption, Speaker 2 responded, "No disruption at all," and said Volunteer Firefighters Insurance Services (VFIS) will continue to manage the plan's operations while only the underlying investment company changes.
Commissioners moved and approved the resolution by voice vote; the transcript records aye votes but does not include a roll-call tally. No members of the public signed up for citizen communication on the item.
The action documents the county's authorization for staff and plan administrators to implement the provider change; the resolution text in the meeting packet (Resolution 22616) was presented to the commission as the formal authorization.
