6/17/1981 - Laserfiche WebLink

Home Browse Search

JUIN 171991 TO: The Honorable Members of DATE: May 20, 1981 the Board of County Commissioners FROM: Neil A. Nelson County Administrator DESCRIPTION AND CONDITIONS BOOK 46 PAGE 697 FILE: SUBJECT: Deferred Compensation Plan REFERENCES: Deferred Compensation is an employee benefit recently offered to governmental employees. It is a program that allows the employee to set aside and use tax dollars along with their own to accumulate money for extra retirement income. They can save through this program and defer payment of taxes to a later date, hopefully, retirement. There is no cost to the County, however, the County must pass an ordinance establishing a Deferred Compensation Plan and agree that it shall: A. Provide NACo it's full cooperation and support in administering the necessary deferral system -for employee contribution. B. Disseminate from time to time at it's soul discretion such promotional material as provided by NACo for employee distribution. C. Arrange for representatives of NACo programs to conduct orientation meetings with County employees. D. Name a County official or committee to act as Contract Administrator in behalf of the County on all material matters relating to activities of the program. `--e this agreement is signed.the Public Employees Benefit Services Corporation ;PEBSCO) will begin the program. PEBSCO has been designated by NACo to administer the program. The Deferred Compensation Program will be made available to all County employees including the Board of County Commissioners. It is a voluntary program and not suited for all employees. ALTERNATIVES AND ANALYSIS The County Attorney could draw up an ordinance establishing a Deferred Compensation Plan for the County. The Board approve the NACo Deferred Compensation Plan and authorize the Administrator to sign the Administrative Services Agreement. These actions would provide an additional benefit to the County employees and have minimal impact upon the County. PEBSCO, upon receiving the signed agreement, would set up interview and orientation programs with employees of the County to introduce them to the program. The County employees would not be signed up with the program until a personal interview is conducted with the County employee. RECOMMENDATION I. It is recommended that the Board of County Commissioners direct the County Attorney to draft an ordinance establishing a Deferred Compensation Plan. 2. The Board approve the NACo Deferred Compensation Plan. 3. Authorize the County Administrator to sign the Administrative Services Agreement.