HomeMy WebLinkAbout2022-084Lincoln
Financial Group®
Dear Indian River County,
Lincoln Retirement Services Company, LLC
is herein referred to as "Lincoln."
April 27th, 2022
We're excited that you've selected the Lincoln Alliance° program for your 457(b)
Deferred Compensation Plan. We look forward to serving you and your employees.
Please send the documents listed below electronically by May 10th so we may initiate
the August 15, 2022, transition. Please note, if the requested documents are received
after this date, it may delay the implementation effective date. Once received, we'll set
up a transition kick-off call with you and AndCo Consulting. During that call, we'll
introduce you to your dedicated implementation partner, Tisha Howell.
Required Documents:
• Fully executed Plan Document with:
- Adoption Agreement
- Regulatory Amendments
- Executed Loan Policy
• Current Valuation Statement with current lineup/sources (tickers included)
• Current Stable Value Contract
The Sales Confirmation, which is a summary of the plan funds, proposal -features, and
fees is below. The Sales Confirmation, along with the documents listed in this letter, will
be sent to our internal partners to kick-off the plan conversion.
Thank you for selecting the Lincoln Alliance° program and for choosing Lincoln as a
provider for your recordkeeping services. We look forward to a successful
implementation and to establishing a retirement program that will meet the needs of
your employees and help you achieve your retirement plan goals.
Sincerely,
Josh Green
VP, Institutional Retirement Solutions
(904) 238-216
Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately
responsible for their own financial and contractual obligations.
PAD -2869266-121119
Sales Confirmation
Fee summary:
Annual gross asset-based fee: 13bps
Lincoln Stable Value Included (crediting rate schedule below)
• Year 1
2.80%
(end date 6/30/2023)
• Year 2
2.60%
(end date 6/30/2024)
• Year 3
2.40%
(end date 6/30/2025)
• Year 4
2.20%
(end date 6/30/2026)
• Year 5
2.00%
(end date 6/30/2027)
Mapping strategy: Like funds
In-kind Mutual Fund Transfers: No
The following on-site support from Lincoln retirement consultants is included in our fee:
10 days annually "
The County's employees will also have unlimited access to virtual one-on-one meetings with a retirement
consultant when using our Click2Meet tool to schedule an appointment.
The fees below are paid by the participant:
Loan fees: Initiation fee — $75
Annual fee — $25
Lump sum distributions - $40
Lump sum in-service withdrawals - $25
QDRO's - $500
Optional features:
TD Ameritrade Self -Directed Brokerage Account: Yes
Managed by Morningstar: Yes
Lincoln WellnessPA TW financial wellness tool: Yes
Pricing assumptions:
Number of plans: Five
Plan type: 457(b)
ERISA: No
Lincoln will be the exclusive provider.
Current recordkeeper: Nationwide
Expected transfer assets: $45.9M
Mapping of assets
Annual gross contributions: $2.6M
Number of participants: 702
Number of eligible employees: 1,100
Number of payroll locations: Five
Number of payroll feeds: Bi -weekly
Full -serviced plan document support included.
Fee guarantee/contract period: 5 years
"Additional days can be invoiced at $750 per day per retirement consultant.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately
responsible for their own financial and contractual obligations.
PAD -2869266-121119
This letter will confirm your organization's intent to adopt the Lincoln Alliance® program.
Plan sponsor signature
By signing here, I agree to the fund lineup and the assumptions set forth in this Letter of Intent.
Name of authorized
signer:
Authorized signer signatur
Jason E. Brown
Title: County Administrator
Printed title
Date: 05/03/2022
!mm/dd/year)
Mutual funds in the Lincoln Alliance® program are sold by prospectus. The prospectus and, if available, the summary prospectus
contain this and other important information and should be read carefully before investing or sending money. The prospectus contains
this and other important information and should be read carefully before investing or sending money. Investment values will fluctuate
with changes in market conditions, so that upon withdrawal, your investment may be worth more or less than the amount originally
invested. For a prospectus, please contact your Lincoln professional.
The program includes certain services provided by Lincoln Financial Advisors Corp. (LFA), a broker-dealer (member FINRA) and an
affiliate of Lincoln Financial Group, 1300 S. Clinton St., Fort Wayne, IN 46802. Unaffiliated broker-dealers also may provide services
to customers.
The Lincoln Stable Value Account is a fixed annuity issued by The Lincoln National Life Insurance Company, Fort Wayne, IN 46802
on Form <28866 -SV> <AR 700>. Guarantees for the Stable Value Account are subject to the claims -paying ability of the issuer.
Lincoln WellnessPATW is a financial wellness tool powered by Questis Inc. and made available by Lincoln Retirement Services
Company, LLC to plan sponsors who select it. Questis Inc. is not an affiliate of Lincoln National Corporation.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately
responsible for their own financial and contractual obligations.
PAD -2869266-121119