From Deseret News archives:

Retirement-plans vendor changed

Utah County's action sparks heated debate

Published: Tuesday, Sept. 19, 2006 10:55 p.m. MDT
 |  E-MAIL | PRINT | FONT + - 
PROVO — A change of vendors for Utah County employees' personal retirement plans sparked an emotional and sometimes heated discussion Tuesday.

An evaluation process for providers of deferred compensation programs — 401(k), 401(a) and 457 — resulted in a tie between two vendors, putting the decision in the hands of commissioners.

Nationwide Financial ultimately emerged as the winner by a 2-1 vote but not before county employees expressed their displeasure with the procurement process and results.

County personnel director Lana Jensen was part of the four-person committee tasked with whittling down the proposals, listening to presentations from potential suitors and then independently ranking the top four candidates.

Jensen and one other member of the committee cast first-place votes for Prudential, the county's current vendor. However, rankings by all four voters resulted in a two-way tie between Nationwide and Principal Financial, with Prudential at No. 3.

Jensen requested that the committee meet again and come up with a solution rather than have the commission break the tie.

Story continues below
"I don't feel there really was a consensus (from the committee) on the best option," she said. "We were already working with a good company, and I wanted to make sure there was a substantial enough difference to justify going through a change."

Commission Chairman Larry Ellertson favored sending the decision back to the committee to decide among the four vendors, but commissioners Steve White and Jerry Grover disagreed.

"There were no issues of impropriety or collusion or anything else that would cause me to not accept the results of our procurement process," Grover said.

Proper procedures were followed, White said, even if the results aren't popular among some committee members and county employees.

"I think what (some committee members) wanted to do was get into a room and see what (the committee decides) while exerting pressure on each other," he said.

The county issued a request for proposals and followed procedures in identifying the two top candidates, White said. Disregarding the results of a the committee's evaluation and ranking could put the county at risk of a lawsuit, he said.


E-mail: jpage@desnews.com

Comments

You can be the first to comment on this story.

previousnext

Latest comments

His story and legacy will bless more people than we will ever know. If...

I don't want anyone talking about my family... they are off limits.........

NFL needs to lighten up. Geez.

bust up the BCS cartel. What a travesty of justice to have so many undefeated...

the best Christmas ever: spot on!!! I am a protestant and I find what...

Y. profs: Beck not all-knowing

To Moderate 2:54pm I agree with the need for more moderation. It is nice...

TCU v BSU welcome to the Fiesta Seperate But Equal Bowl. After two...

Yet again, we learn that BYU is a big joke...of all the summer talks of BCS...

There's one thing I want to know. Who won the matchup?

BCS reform still needed

it does not affect BYU since BYU will never get an invite. So, why Provo...

Advertisements