What gives Johnson County the authority to cancel the existing provider contracts and move all assets to ING?
The County has responsibility for oversight of the Program and is held to fiduciary standards under State and local law in its ongoing monitoring of the Program. For the 457 Program, even though contributions are made by participants, it is still considered an employer plan. As a fiduciary and sponsor of the Program, the County has the obligation and authority to make necessary enhancements and adjustments including the selection of Program providers. In selecting ING as the provider and in implementing these Program enhancements, the County believes it has met its fiduciary responsibility to offer a program with a provider that makes available the best combination of education, administration and investment services. The County believes that it has acted in the best interests of all Plan participants and beneficiaries.
