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DICK BONAFIDE, OF PEBSCO, CAME BEFORE THE BOARD AND REVIEWED <br />THE "JACO DEFERRED COMPENSATION PROGRAM. HE EXPLAINED THAT THE <br />EMPLOYEES COULD NOT PARTICIPATE IN THIS PROGRAM WITHOUT THE COUNTY <br />ESTABLISHING IT; AND THE ASSETS OF THOSE FUNDS WOULD BE IN THE HANDS <br />OF THE COUNTY. MR. BONAFIDE ADVISED THAT IN THE SCHOOL SYSTEM, THE <br />FUNDS ARE IN THE HANDS OF THE EMPLOYEE. HE THEN EXPLAINED THE TAX <br />SHELTER ANNUITY. MR. BONAFIDE NOTED THAT IT WOULD BE DIFFICULT FOR <br />A SMALLENTITY TO HAVE THIS PROGRAM BECAUSE OF THE ECONOMICS INVOLVED; <br />THAT IS WHY JACO IMPLEMENTED THE PROGRAM AND THE COUNTY CAN ADOPT IT <br />AT NO COST. <br />FINANCE DIRECTOR BARTON INQUIRED IF A W-2 FORM WOULD BE <br />GIVEN TO THE EMPLOYEE AT THE TIME OF WITHDRAWAL; AND WHAT THE DOLLAR - <br />WISE PARTICIPATION WOULD BE ANNUALLY. <br />MR. BONAFIDE RESPONDED AFFIRMATIVELY AND CONTINUED THAT THE <br />AVERAGE AMOUNT WOULD BE FROM $800 TO $1,200 ANNUALLY. <br />COMMISSIONER WODTKE INQUIRED IF THE FUNDS THAT ARE DEDUCTS_ <br />FROM AN EMPLOYEE'S ACCOUNT COULD BE USED AS SECURITY. <br />MR. BONAFIDE RESPONDED NEGATIVELY. HE THEN EXPLAINED THE <br />HOLD HARMLESS PROVISION IN THEIR PROGRAM. <br />RICHARD LYNN, EQUITABLE LIFE ASSURANCE CO., CAME BEFORE <br />THE BOARD AND EXPLAINED THE PLAN OFFERED BY EQUITABLE. THE COUNTY <br />WOULD HAVE UP-TO-DATE ACCURATE ACCOUNTING, AND THE EMPLOYEES WOULD <br />RECEIVE A REPORT EVERY TWO WEEKS AT THEIR HOME. MR. LYNN STATED THAT <br />WHEN AN EMPLOYEE IN THIS PROGRAM RETIRES, THEY WOULD BE FOOLISH TO <br />TAKE A LUMP SUM DISTRIBUTION FOR THE YEAR; INSTEAD, THEY COULD ELECT <br />TO HAVE THOSE PAYMENTS MADE OUT ON AN ANNUITY BASIS. <br />MORE DISCUSSION FOLLOWED. <br />ON MOTION BY COMMISSIONER WODTKE, SECONDED BY COMMISSIONER <br />BIRD, THE BOARD UNANIMOUSLY AGREED TO CONTINUE THIS DISCUSSION TODAY <br />AT 1:30 O'CLOCK P.M. <br />21 <br />8001( 47 PACE 224 <br />